Goldman Sachs: Raised Zhongtong Express's target price and adjusted profit forecast, maintaining a "buy" rating.

Goldman Sachs published a research report stating that ZTO Express's adjusted net profit in the fourth quarter of 2025 is roughly in line with expectations; net profit fell by 1% year-on-year, while package volume increased by 9% year-on-year. The company has provided optimistic guidance for package volume in 2026, and has increased its shareholder return commitment. The bank is now estimating that adjusted net profit in the first quarter of 2026 will increase by 11% year-on-year compared to a 2% decline in the fourth quarter of 2025, and has raised its full-year adjusted net profit growth forecast from 13% to 15%. Additionally, the bank has raised its revenue and adjusted net profit forecasts for 2026 to 2027 by approximately 3%. The bank maintains a "buy" rating on ZTO Express, raising its target price for Hong Kong shares from 179 HKD to 203 HKD, and for US shares from 23 USD to 26 USD.