BofAS Cuts GWMOTOR TP to HKD14.3, Lowers Earnings Forecasts
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BofAS has cut the target price for Great Wall Motor (GWMOTOR) H-shares from HKD14.6 to HKD14.3 and maintained a Neutral rating. The broker also lowered earnings forecasts for 2026-2028 by 4%, 4%, and 3%, respectively. GWMOTOR reported a 1Q revenue of RMB45.1 billion, a 13% YoY increase but a 35% QoQ decrease. Net profit fell 46% YoY to RMB945 million, impacted by foreign exchange losses. For A-shares, the target price was reduced from RMB18.4 to RMB18.1 with an Underperform rating due to high valuation.
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