In "Major Banks," China International Capital Corporation lowered the target price for SF INTRA-CITY to 17.8 yuan, with last year's performance meeting expectations

According to a research report by China International Capital Corporation (CICC), SF INTRA-CITY (09699.HK) is expected to achieve a 45% year-on-year revenue growth in 2025, reaching RMB 22.899 billion; net profit is projected to grow by 110% year-on-year to RMB 278 million, while adjusted net profit is expected to increase by 184% year-on-year to RMB 415 million, with the adjusted net profit margin rising by 0.9 percentage points year-on-year to 1.8%, in line with the bank's expectations.

In terms of operational data, the number of annual active merchants is expected to grow by 72% year-on-year to 1.12 million, the number of annual active consumers is expected to increase by 11% year-on-year to over 26.06 million, and the number of annual active riders is expected to grow by 46% year-on-year to 1.46 million.

Considering the cost increase due to the expansion of the rider workforce, the bank has lowered its adjusted net profit forecast for 2026 by 8% to RMB 576 million and introduced a forecast for 2027 of RMB 966 million; it maintains an "outperform the industry" rating, with a target price reduced by 5% to HKD 17.8