Xin Lang Cai Jing·2026-03-30 08:38Group 1 - The core viewpoint of the report is that Bank of America Securities maintains its profit forecasts for China Merchants Bank (03968, 600036.SH) for 2026 and 2027, while lowering the target prices to HKD 49.8 and RMB 43.28 from HKD 50.52 and RMB 45.49 respectively, reiterating a "underperform" rating and favoring state-owned banks with higher dividend yields [1][5] Group 2 - The net profit before preferred dividends for China Merchants Bank last year was RMB 150.2 billion, representing a year-on-year increase of 1.2%, in line with previous guidance [1][5] - The pre-provision profit decreased by 1.6% year-on-year [1][5] - The return on equity (ROE) fell by 1.0 percentage points to 13.4% year-on-year [1][5] - The Common Equity Tier 1 (CET1) capital ratio decreased by 97 basis points to 14.16% year-on-year [1][5] - The dividend payout ratio remained at 35.3%, with the annual dividend per share increasing by 0.8% to RMB 2.016 [1][5] - The estimated dividend yields for the H-shares and A-shares of China Merchants Bank are 4.7% and 5.1% respectively [1][5]