GF Securities: Maintains "Buy" rating on CICC (03908.HK) H-shares, fair value HK$22.13

Zhitong Finance APP has learned that GF Securities has issued a research report stating that it maintains the "Buy" rating on CICC's (03908.HK) H-shares, assigns a reasonable valuation of 0.9x price-to-book ratio (PB) for 2026, and sets the reasonable value of the H-shares at HK$22.13 per share. The bank expects the company's net profit attributable to shareholders to be RMB 15.1 billion and RMB 15.8 billion for 2026 and 2027, respectively. In the first three quarters of 2026, CICC achieved operating revenue of RMB 30.715 billion, up 47.95% year on year; net profit attributable to shareholders was RMB 13.245 billion, up 101.71% year on year. The bank believes that, considering the potential synergy effects that may be released after the merger, the company's expansion in customer base, branch network layout and business scale, as well as the effectiveness of subsequent integration, are worth watching.