Zhi Tong Cai Jing·2025-10-28 03:19Core Viewpoint - Long-term growth potential for Great Wall Motors is supported by its high-end strategy and upcoming new model launches in both mass and premium markets, despite a slight decline in gross margin and lower-than-expected net profit for Q3 [1] Financial Performance - Q3 revenue for Great Wall Motors increased by 20.5% year-on-year [1] - Gross margin decreased by 0.4 percentage points quarter-on-quarter to 18.4% [1] - Net profit was lower than market expectations [1] Strategic Outlook - The company plans to launch new models in the mass and high-end markets next year, which is expected to enhance its high-end strategy [1] - The high-end strategy is anticipated to improve exports to regions like Europe and achieve higher average selling prices [1] - The company's technological advantages and sustained premium pricing capability are expected to lay a solid foundation for growth in the coming year [1] Forecast Adjustments - The firm has adjusted its revenue and net profit forecasts for the year down by 0.5% and 10.8% respectively due to Q3 profit adjustments [1] - Despite the adjustments, the firm maintains an "outperform" rating and a target price of HKD 21 [1]