Jefferies Expects GREAT WALL MOTOR to Emerge from Earnings Trough; 2Q26 Gross Margin Seen Improving
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Jefferies anticipates GREAT WALL MOTORwill recover from its earnings trough, projecting improved gross margins in 2Q26 due to tax rebates from localization efforts. Despite a 46% YoY drop in net profit to RMB945.5 million in 1Q26, revenue rose 13% YoY to RMB45.1 billion. Vehicle sales increased 4.8% YoY to 269,000 units, though still below the annual target. Jefferies maintains a Buy rating with a target price of HKD22 for H shares and RMB30.4 for A shares, citing potential sales growth from new product launches and overseas markets.
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