花旗：降长城汽车目标价至18.9港元 去年盈利逊预期

Core Viewpoint - Citigroup has downgraded the target price for Long Automobile (02333) from HKD 23.7 to HKD 18.9 while maintaining a "Buy" rating [1] Group 1: Financial Performance - Great Wall Motors (601633) recently released a performance report, forecasting a net profit of RMB 9.912 billion for the last fiscal year, representing a year-on-year decline of 21.7%, which is below investor expectations [1] - The decline in profit is attributed 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] Group 2: Revenue and Sales Outlook - Long Automobile expects its total revenue for the last year to grow by 10.2% year-on-year to RMB 222.79 billion, which aligns with expectations [1] - The average selling price of its products is reported to be RMB 168,300 [1] - The management has set a sales target of 1.8 million units for this year, with an overseas sales target of 600,000 units, anticipating growth from markets in Central and South America, the Middle East, Europe, and right-hand drive markets [1]