长城汽车：Wey could be key to FY25 earnings growth-20250331

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update Great Wall Motor (2333 HK/601633 CH) Wey could be key to FY25 earnings growth Maintain BUY. Great Wall's 4Q24 earnings were a mixed bag, in our view, as revenue missed but GPM and SG&A expenses beat our prior estimates. We believe a stronger model cycle in FY25E than FY24 could be a positive catalyst for its share price. In particular, new Wey-brand models could be key to Great Wall's sales volume and profit growth in FY25E. We ...