Citigroup has included Great Wall Motor in its 30-day stock price decline catalyst observation, with a target price of 18.9 yuan

Citi published a research report, listing Great Wall Motor (02333.HK) for a 30-day price decline catalyst observation, mainly due to the high to extremely high inventory levels of traditional fuel vehicles by the end of 2025, thus expecting a destocking cycle for traditional fuel vehicles in the first quarter of this year. Additionally, the bank anticipates that domestic retail sales of traditional fuel vehicles will decline by 26% year-on-year.

The bank expects that Great Wall Motor's wholesale sales in February will see a slight decline year-on-year; the industry faces rising cost pressures from raw materials such as aluminum, memory, copper, and lithium; in the short term, there is low visibility on the delay of tax refunds for scrapped vehicles in Russia, and due to seasonal sales declines, it is expected that R&D cost intensity will increase in the first quarter of this year; Great Wall Motor's export volume in January was 40,300 vehicles, a month-on-month decrease of 30%, underperforming Geely's month-on-month growth of 50% and BYD's month-on-month decline of 25%; the performance in the fourth quarter of 2025 is expected to be below expectations. The bank gives Great Wall Motor a "Buy" rating with a target price of 18.9 yuan