智通财经网·2025-10-27 06:14Core Viewpoint - UBS has raised the target price for Great Wall Motors (02333) from HKD 17 to HKD 19, maintaining a "Buy" rating, despite a significant decline in net profit for Q3 due to high base effects and delayed tax refunds [1] Financial Performance - Q3 net profit was CNY 2.298 billion, a 50% quarter-on-quarter decline and a 31% year-on-year decrease due to an 800 million tax refund delay [1] - Excluding one-off factors, the Q3 net profit would have been CNY 3.1 billion, reflecting 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 - UBS has increased its sales forecasts for 2025 and 2026 by 1% and 9% respectively, along with net profit forecasts raised by 8% and 10% for the same years, citing improved operational efficiency [1]