Goldman Sachs: Raises ZTO EXPRESS-W (02057) Target Price to HK$203, Adjusts Adjusted Net Profit Forecast Upwards.

Goldman Sachs Group, Inc. released a research report stating that ZTO EXPRESS-W (02057) adjusted net profit in the fourth quarter of 2025 roughly met expectations, with a 9% year-on-year increase in package volume. At the same time, the company has provided an optimistic guidance for package volume in 2026 and increased shareholder return commitments. They maintained a "buy" rating for ZTO Express (Cayman), Inc. Sponsored ADR Class A, with a target price of 203 Hong Kong dollars and 26 US dollars for ZTO Express (Cayman), Inc. Sponsored ADR Class A Hong Kong stock and ZTO Express (Cayman), Inc. Sponsored ADR Class A (ZTO.US) US stock respectively. The bank now estimates an 11% year-on-year increase in adjusted net profit for the first quarter of 2026, and has raised its full-year adjusted net profit growth forecast from 13% to 15%. Additionally, they have raised revenue and adjusted net profit forecasts for 2026 to 2027 by approximately 3%.