Ge Long Hui·2025-11-19 07:57Core Viewpoint - Daiwa's research report indicates that Great Wall Motors experienced significant revenue growth in Q3, but faced substantial declines in net profit, prompting adjustments to future earnings forecasts [1] Financial Performance - Great Wall Motors reported Q3 revenue of 61.2 billion yuan, representing year-on-year and quarter-on-quarter increases of 20.5% and 17% respectively [1] - The net profit for Q3 was 2.3 billion yuan, showing year-on-year and quarter-on-quarter declines of 31% and 50% respectively [1] - For the first three quarters, the total revenue reached 153.6 billion yuan, reflecting an 8% year-on-year growth, while net profit decreased by 17% to 8.6 billion yuan [1] Forecast Adjustments - Due to profit pressures in Q3, Daiwa has lowered its revenue forecast for 2025 by 11% and net profit forecast by 7% [1] - Conversely, the net profit forecast for 2026 has been increased by 5% due to anticipated growth from new models and overseas expansion [1] Target Price and Ratings - Daiwa raised its target price for Great Wall Motors from 19 HKD to 22 HKD, maintaining a "Buy" rating [1] - The company is expected to achieve sales volumes between 1.36 million and 1.64 million units from 2025 to 2027, with growth rates projected between 9% and 11% [1] - Anticipated revenue growth during this period is expected to be driven by increased production capacity in Brazil and the introduction of new vehicle models [1]