---
title: "In \"The Big Banks,\" China International Capital Corporation raised the target price for ZTO Express to $30, rating it as \"Outperform the Industry.\""
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/279907468.md"
description: "CICC released a report, raising the target price for ZTO Express by 20% to USD 30, maintaining an \"outperform the industry\" rating. ZTO Express's Q4 2025 performance met expectations, with revenue of RMB 14.511 billion, a year-on-year increase of 12% and a quarter-on-quarter increase of 22%; gross profit was RMB 3.682 billion, a year-on-year decrease of 2% and a quarter-on-quarter increase of 25%. It is expected that profits for 2026 will be revised up by 5% to RMB 11.071 billion, and a profit forecast for 2027 has been introduced at RMB 12.462 billion"
datetime: "2026-03-20T07:50:16.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279907468.md)
  - [en](https://longbridge.com/en/news/279907468.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279907468.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/279907468.md) | [English](https://longbridge.com/en/news/279907468.md)


# In "The Big Banks," China International Capital Corporation raised the target price for ZTO Express to $30, rating it as "Outperform the Industry."

CICC published a report stating that ZTO Express-W (02057.HK) announced its Q4 2025 results, with revenue of RMB 14.511 billion, representing year-on-year and quarter-on-quarter growth of 12% and 22%, respectively; gross profit of RMB 3.682 billion, a year-on-year decrease of 2% and a quarter-on-quarter increase of 25%; non-GAAP net profit of RMB 2.695 billion, a year-on-year decrease of 1% and a quarter-on-quarter increase of 8%, in line with the bank's expectations.

The report indicated that the company's business volume in Q4 2025 increased by 9% year-on-year to 10.558 billion pieces, with market share increasing by 0.8 and 0.2 percentage points year-on-year and quarter-on-quarter to 19.6%. Considering the continuation of anti-involution, the earnings forecast for 2026 has been raised by 5% to RMB 11.071 billion, and the earnings forecast for 2027 has been introduced at RMB 12.462 billion. The rating is maintained at "outperform the industry." Given the profit recovery in express delivery driven by anti-involution and the upward shift in industry valuation, the target price for ZTO Express (ZTO.US) has been raised by 20% to $30

### 相關股票

- [ZTO EXPRESS-W (02057.HK)](https://longbridge.com/zh-HK/quote/02057.HK.md)
- [ZTO Express (ZTO.US)](https://longbridge.com/zh-HK/quote/ZTO.US.md)

## 相關資訊與研究

- [Citi Sticks to Their Buy Rating for ZTO Express (ZTO)](https://longbridge.com/zh-HK/news/279774562.md)
- [CMB International Securities Reaffirms Their Buy Rating on ZTO Express (Cayman), Inc. Class A (2057)](https://longbridge.com/zh-HK/news/279735831.md)
- [ZTO Express Publishes Unaudited 2025 Results and Warns on Industry Risks](https://longbridge.com/zh-HK/news/279499225.md)
- [ZTO Express Non-GAAP EPS of $0.47 beats by $0.01, revenue of $2.08B beats by $30M](https://longbridge.com/zh-HK/news/279497218.md)
- [DBS Sticks to Its Buy Rating for ZTO Express (Cayman), Inc. Class A (2057)](https://longbridge.com/zh-HK/news/280503534.md)