Ge Long Hui·2025-10-27 05:09Core Viewpoint - UBS research report indicates that Great Wall Motors (2333.HK) reported a net profit of 2.298 billion yuan in Q3, reflecting a 50% quarter-on-quarter decline due to a high base and a 31% year-on-year drop attributed to an 800 million yuan tax refund delay [1] Financial Performance - The net profit for Q3, excluding one-off factors, would be 3.1 billion yuan, showing only an 8% year-on-year decline, with management indicating slight growth compared to the previous quarter [1] - The net profit for the first three quarters, adjusted for one-off factors, reached 70% to 77% of market and UBS's full-year expectations [1] Sales and Profit Forecast - Based on management's confidence in the development of the Wey brand and improved visibility of new platforms, UBS has raised its sales forecasts for 2025 and 2026 by 1% and 9% respectively [1] - Correspondingly, net profit forecasts for the same periods have been increased by 8% and 10%, attributed to improved operational efficiency [1] Target Price Adjustment - The target price for Great Wall Motors has been raised from 17 HKD to 19 HKD, maintaining a "Buy" rating [1]