According to a report published by Morgan Stanley, Shell continued to expand its market share, along with strong second-quarter results, proving that its continuous improvement in operating efficiency and profitability beyond market benchmarks can be transformed into long-term sustainable benefits and maintain an “incremental” rating. The target price rose from $22 to $23. The bank expects Shell's annual non-GAAP operating profit of 10.3 billion yuan, up 143% year on year, and operating margin 11.8%; non-GAAP net profit of 8.6 billion yuan, up 72% year on year, with a net profit margin of 9.9%. As results for the second quarter exceeded expectations, the bank raised its profit forecast for 2026 by 15%, 2027 by 12%, 2028 by 10%, and by 8% each for 2029 and 2030.

According to a report published by Morgan Stanley, Shell continued to expand its market share, along with strong second-quarter results, proving that its continuous improvement in operating efficiency and profitability beyond market benchmarks can be transformed into long-term sustainable benefits and maintain an “incremental” rating. The target price rose from $22 to $23. The bank expects Shell's annual non-GAAP operating profit of 10.3 billion yuan, up 143% year on year, and operating margin 11.8%; non-GAAP net profit of 8.6 billion yuan, up 72% year on year, with a net profit margin of 9.9%. As results for the second quarter exceeded expectations, the bank raised its profit forecast for 2026 by 15%, 2027 by 12%, 2028 by 10%, and by 8% each for 2029 and 2030.