智通财经网·2026-02-02 06:11Core Viewpoint - Citigroup has lowered the target price for Great Wall Motors (02333) from HKD 23.7 to HKD 18.9 while maintaining a "Buy" rating [1] Financial Performance - Great Wall Motors reported an expected net profit of RMB 9.912 billion for the last fiscal year, representing a year-on-year decline of 21.7%, which was below investor expectations [1] - The decline in profit was primarily due to a 1 percentage point decrease in gross margin to 18.5%, increased expenses related to direct sales and new product promotions, a delay in the recognition of approximately RMB 1 billion in tax refunds for scrapped vehicles in Russia, and an increase in year-end bonuses [1] Revenue and Sales Outlook - The company anticipates a year-on-year revenue growth of 10.2% to RMB 222.79 billion, which aligns with expectations [1] - The average selling price of products is reported to be RMB 168,300 [1] - Management has set a sales target of 1.8 million vehicles for this year, with an overseas sales target of 600,000 vehicles, expecting growth to come from markets in Central and South America, the Middle East, Europe, and right-hand drive markets [1]