GREAT WALL MOTOR(2333.HK)：4Q25 EARNINGS MISSED; DOWNGRADE TO SELL ON EARNINGS DOWNSIDE RISK AND VALUATION OVERSTRETCH
Ge Long Hui·2026-02-02 22:46
机构：中银国际 研究员：LOU Jia/Olivia NIU/Maggie CAI Based on preliminary results, GWM's 4Q25 revenue grew 13% QoQ to RMB69.2bn, but net profit plunged 44% QoQ to RMB 1.3bn, sharply missing expectations due to seasonal bonus accruals, low sales efficiency from aggressive direct-sales set-up, and lower Russian scrap tax rebates. For 2026, the sales target of 1.8m units (1.2m domestic, 600k overseas) implies a 45%+ YoY domestic surge, driven by intensive rollouts under EC/DE platform. However, we deem the goal challengi ...