The analyst rating from Citi Research for ZTO EXPRESS-W is based on several key factors: 1. Convertible Bonds Issuance: The company plans to issue US$1.5 billion in convertible bonds while also repurchasing shares. The analyst believes that the low interest rates and reasonable premiums associated with this issuance can effectively offset any potential dilution impact. 2. Share Repurchase Quota: There is a remaining US$700 million share repurchase quota until September 2025, suggesting that the company may resume its repurchase plan, which is viewed positively. 3. Preliminary Results Alignment: ZTO EXPRESS-W's preliminary results for 2025 indicate a parcel volume growth of 13.3%, which aligns with the broker's estimates. The projected revenue and gross profit figures are also largely in line with market forecasts. 4. Overall Positive Outlook: Given these factors, Citi Research maintains a slightly positive view on the issuance of convertible bonds and keeps a Buy rating on ZTO EXPRESS-W's US stock, setting a target price of US$22.6.

JPMorgan

maintain

$187/ US$24 for ZTO EXPRESS-W; $48/ RMB51 for SF HOLDING; $15 for JD LOGISTICS

2025-10-24

Reason

JPMorgan

Price Target

$187/ US$24 for ZTO EXPRESS-W; $48/ RMB51 for SF HOLDING; $15 for JD LOGISTICS

2025-10-24

maintain

Reason

The analyst rating from JPMorgan is based on the significant changes in China's express and logistics industry, influenced by the country's anti-involution campaign and regulatory interventions. The report highlights trends in average pricing and parcel volume growth, indicating a shift in the competitive landscape. Despite some companies lagging in performance, there is renewed investor interest in the industry. JPMorgan's top picks, ZTO EXPRESS-W and SF HOLDING, are rated as Overweight due to their potential for growth, with specific target prices set for both their H-shares and US stocks. JD LOGISTICS is also rated Overweight, reflecting a positive outlook for these companies amidst the evolving market conditions.

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02057 Should I Buy

02057 Should I Buy

Should You Buy ZTO EXPRESS-W (02057) Today? Analysis, Price Targets, and 2026 Outlook.

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