Core Viewpoint - The report from China Merchants Securities International indicates a downward revision of Great Wall Motors' (02333) earnings forecast for 2025-2027 by 2%/5%/4%, reflecting increased sales expense predictions due to new model launches and overseas channel expansion, alongside a rising tax rate due to a higher proportion of overseas business. The target price has been reduced by 8%, from HKD 26 to HKD 24, while maintaining a "Buy" rating [1]. Group 1 - The group's third-quarter profit was impacted by multiple factors, including deferred expenses in Russia, foreign exchange fluctuations, and disturbances in overseas tax rates [1]. - The high-end brand "WEY" has an optimistic guidance for next year, aiming to challenge a monthly delivery of 60,000 units by 2026 [1]. - The export business is expected to see strong growth, with the group forecasting an export target of 500,000 units this year, and a growth rate of no less than 20% in 2026 [1]. Group 2 - The European market is anticipated to see the launch of the EC15 model in the second quarter of 2026, aimed at expanding into new markets [1].