Gelonghui, December 26 | Haitong International released a research report saying that CICC maintains its “superior to the market” rating, with a target price of HK$23.26. The estimated net assets per share for 2023-25E are 17.79/18.88/20.03 yuan, respectively. In the first three quarters of 2023, the company achieved operating income of 17.47 billion yuan, -9.9%; net profit of 4.61 billion yuan, -23.4%; corresponding to EPS of 0.85 yuan and ROE of 4.8%. The third quarter achieved operating income of 5.05 billion yuan, -30.5% year-on-year, and net profit of 1.05 billion yuan, or -51.8% of the same period last year. The decline in operating income and net profit was mainly due to a decrease in net income from investment banking; at the same time, earnings from the foreign exchange derivatives business carried out to hedge against foreign currency exposure declined due to exchange rate fluctuations.