智通财经网·2025-10-27 06:55Core Viewpoint - Bank of America Securities has revised its sales forecasts for Great Wall Motors (02333) down by 4%, 2%, and 3% for the years 2025 to 2027, while adjusting gross margin forecasts for 2026 and 2027 up by 0.2 percentage points, and changing profit forecasts for 2025 to 2027 by -0.6%, +3.8%, and -0.1% respectively, with a target price reduction from HKD 19.5 to HKD 18, maintaining a "Neutral" rating as valuations are deemed reasonable [1] Financial Performance - Great Wall Motors reported third-quarter revenue of RMB 61 billion, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 17%, driven by sales volume and product price increases [1] - The company's third-quarter profit fell short of expectations, down 31% year-on-year and down 50% compared to the second quarter, attributed to a delay in recognizing an RMB 800 million tax refund from Russia and a foreign exchange loss of approximately RMB 13 million during the period [1] - Excluding one-time items, the net profit for the third quarter decreased by 30% year-on-year [1] - The gross margin was recorded at 18.4%, down 1.6 percentage points year-on-year, likely impacted by a decline in sales contribution from the Tank brand and increased dealer rebates for Haval and pickup truck brands [1]