Core Viewpoint - UBS has raised the target price for Great Wall Motors (02333) from HKD 17 to HKD 19, maintaining a "Buy" rating, despite a significant decline in net profit for Q3 due to high base effects and delayed tax refunds [1] Financial Performance - Q3 net profit was CNY 2.298 billion, a 50% quarter-on-quarter decline and a 31% year-on-year decrease due to an 800 million tax refund delay [1] - Excluding one-off factors, the Q3 net profit would have been CNY 3.1 billion, reflecting only an 8% year-on-year decline, with management indicating slight growth compared to the previous quarter [1] - The net profit for the first three quarters, adjusted for one-off factors, reached 70% to 77% of market and UBS's full-year expectations [1] Sales and Profit Forecast - UBS has increased its sales forecasts for 2025 and 2026 by 1% and 9% respectively, along with net profit forecasts raised by 8% and 10% for the same years, citing improved operational efficiency [1]

Core Viewpoint - Citi's research report indicates that after a better-than-expected performance announcement in May, the stock price of Gao Xin Retail has been strong. However, the company is expected to face challenges in the upcoming fiscal year 2026, particularly in the first quarter, with anticipated sales declines due to pricing pressures from e-commerce expansion [1] Group 1: Financial Performance - Management aims to prioritize sales and gross profit growth for fiscal year 2026 [1] - Sales for the first quarter of fiscal year 2026 (April to June 2023) are projected to decline in the mid to high single digits year-on-year, primarily due to a decrease in average selling prices [1] Group 2: Profit and Sales Forecasts - The net profit forecasts for fiscal years 2026 and 2027 have been reduced by 3% each, while sales forecasts have been lowered by 6% and 7% respectively [1] Group 3: Rating and Target Price Adjustments - The rating has been downgraded from "Buy" to "Neutral" as current expected price-to-earnings ratios reflect operational efficiency improvements and business recovery [1] - The target price has been adjusted from HKD 2.09 to HKD 2.35 [1]