China Merchants Securities: Maintains "Strong Buy" rating on ZTO Express-W (02057.HK), parcel volume steadily increasing.

Zhitong Finance APP has learned that China Merchants Securities has issued a research report stating that it expects ZTO Express-W (02057.HK) to report net profit attributable to shareholders of RMB 10.65 billion, RMB 12.05 billion, and RMB 13.25 billion for 2026-2028, respectively, and maintains a "Strong Buy" rating; the bank believes that industry competition is becoming more rational, and combined with ZTO's scale advantages, improved transportation and sorting efficiency, and business structure improvement, profitability is expected to grow steadily, while share buybacks and cash dividends are expected to continue enhancing shareholder returns.