BOCI Securities Limited: Raises ZTO EXPRESS-W (02057) target price to 223 Hong Kong dollars in the fourth quarter of 2025, with core express revenue growth exceeding market expectations.

released a research report stating that it has raised the target price of ZTO EXPRESS-W(02057) in Hong Kong to 223 Hong Kong dollars to reflect the improved visibility of profitability brought by the company's continued stable strategic execution under rational competition and enhanced implementation of sustainable shareholder return measures. The bank stated that the company's core express delivery revenue accelerated by 13% year-on-year in the fourth quarter of 2025, exceeding market expectations, benefiting from a year-on-year increase of 9% in parcel volume in line with expectations, as well as a higher than expected year-on-year increase of 3% and a sequential increase of 7% in ASP. Adjusted net profit of 2.6 billion yuan exceeded market expectations by 5%. With the company's solid core advantages under the continued advancement of anti-inner-loop policies, the bank expects the company to be a major beneficiary as the industry transitions from low-price, pure volume competition to a model of quality and value orientation.