In-line 1Q24 earnings

29 Apr 2024 CMB International Global Markets | Equity Research | Company Update GAC Group (2238 HK) In-line 1Q24 earnings GAC Group (GAC)'s 1Q24 results were largely in line with our prior estimates and we maintain our FY24E net profit forecast of RMB5.4bn. We are more conservative than management about Aion's sales volume and profitability, as we believe that Aion needs quality growth (brand upscale, overseas expansion etc.) in FY24E to lay out foundation for long-term development. We are of the view that ...