Core Viewpoint - The report from China Merchants Securities International indicates a downward revision of Great Wall Motors' (02333) earnings forecasts for 2025-2027 by 2%, 5%, and 4% respectively, due to increased sales expense predictions from new model launches and overseas channel expansion [1] Group 1: Earnings Forecasts - Great Wall Motors' earnings estimates for 2025, 2026, and 2027 have been reduced by 2%, 5%, and 4% respectively [1] - The adjustments reflect anticipated increases in sales expenses linked to new model introductions and the expansion of overseas channels [1] Group 2: Target Price and Rating - The target price for Great Wall Motors has been lowered by 8%, from HKD 26 to HKD 24 [1] - The rating remains "Buy" despite the downward revision [1] Group 3: Profit Influences - The company's third-quarter profits were impacted by multiple factors, including deferred expenses in Russia, foreign exchange fluctuations, and disturbances in overseas tax rates [1] Group 4: Brand and Export Outlook - The high-end brand "WEY" is expected to have an optimistic guidance for next year, aiming to challenge a monthly delivery of 60,000 units by 2026 [1] - The export business is projected to see strong growth, with an expected 500,000 units exported this year and a growth rate of no less than 20% in 2026 [1] - The European market is anticipated to see the launch of the EC15 model in the second quarter of 2026 to explore new market opportunities [1]