Zhi Tong Cai Jing·2025-10-27 06:12Core Viewpoint - UBS has raised the target price for Great Wall Motors (601633)(02333) from HKD 17 to HKD 19, maintaining a "Buy" rating [1] Financial Performance - The net profit for the third quarter was CNY 2.298 billion, reflecting a 50% quarter-on-quarter decline due to a high base and a delay in CNY 800 million tax refunds, resulting in a 31% year-on-year decrease [1] - Excluding one-off factors, the net profit for the third quarter would be CNY 3.1 billion, 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 increased its sales forecasts for 2025 and 2026 by 1% and 9%, respectively [1] - Correspondingly, net profit forecasts for the same periods have been raised by 8% and 10%, attributed to improved operational efficiency [1]