Core Viewpoint - DBS has released a report indicating that Great Wall Motors (02333) is accelerating its international expansion to enhance growth momentum, anticipating a slowdown in the domestic Chinese automotive market by 2026 [1] Group 1: Company Strategy - Great Wall Motors is planning an overseas production network to support sales and improve investment returns [1] - The company’s Brazilian factory, with a capacity of 50,000 units, aims to enter the Latin American markets of Mexico, Argentina, and Chile [1] - The Thai factory, with a capacity of 80,000 units, is intended to reach the ASEAN/Asian markets [1] Group 2: Financial Performance - DBS has lowered the target price for Great Wall Motors from HKD 23 to HKD 19, which corresponds to a projected price-to-earnings ratio of 10 times for the next year [1] - In the third quarter, Great Wall Motors experienced a pressure on gross margin, which decreased by 1.3 percentage points year-on-year and by 1.6 percentage points quarter-on-quarter to 17.2% [1] - The decline in gross margin is primarily attributed to increased advertising and promotional expenses related to new models, partly due to market competition, as well as the expansion of the direct sales network [1]

该行将长城汽车2025至2027年净盈利预测分别下调2%、5%及4%，反映新车型推出以及海外渠道开拓， 提升销售费用预期，同时海外业务占比增加，令公司税率有所上升；目标价由26港元降至24港元，评 级"增持"。 招商证券国际发表报告指，长城汽车第三季业绩低于预期，受俄罗斯报费用递延、汇兑及海外税率扰 动，但高端品牌魏明年指引乐观，出口业务今年明年有望强劲增长。报告指，长城汽车第三季实现营业 总收入612.5亿元，按年和按季分别增长20.5%和+17.1%，略低于市场预测的634亿，但符合该行预期。 汽车销量35.36万辆，按年和按季分别增长20.2%和+13%，增长强劲。对应单车收入17.32万元，按年和 按季分别增长9.3%和3%，中高端车占比提升。 ...

Core Insights - Great Wall Motors (601633.SH) reported a total operating revenue of 40.019 billion yuan for Q1 2025, representing a year-on-year decline of 6.63% [1] - The net profit attributable to shareholders was 1.751 billion yuan, down 45.60% year-on-year [1] - The primary reasons for the decline include the company's product upgrade cycle, a decrease in sales, and increased investment in the direct sales system [1]