CICC International: Cuts target price for China Merchants Bank (03968.HK) to HK$53.82, maintains "buy" rating.

Zhifutong Finance APP learned that CICC released a research report stating that China Merchants Bank (03968.HK) saw a decline in profits in the first quarter of 2025, but its fundamentals remain strong. Net profit decreased by 2.1% year-on-year, while it increased by 1.2% year-on-year for the full year of 2024. Asset quality remains excellent, but net interest margin declined in the first quarter of 2025. The bank believes that China Merchants Bank's ROAE will still be at the highest level in the industry in 2025. The target price for H shares has been lowered from the original HK$54.22 to HK$53.82, maintaining a "buy" rating.