<p>摩根士丹利发布研究报告称，长城汽车（02333.HK）-0.130 (-1.001%) 空头头寸为 4413 万美元；比例为 20.661% ，第一季度业绩低于预期。净利润为人民币 9.45 亿元，同比下降 46%，环比下降 23%，而核心盈利同比下降 67% 至人民币 4.82 亿元。</p>
<p>摩根士丹利认为，外汇逆风已经被市场消化，延迟的俄罗斯税收退税最终将会收到。然而，短期内波动加剧以及公司全年盈利预测缺乏上行惊喜将对股价施加下行压力。该券商对长城汽车给予平等权重评级，目标价为 15 港元。（sl/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 24 日 16:25。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

长城汽车

<p>摩根士丹利报告称，长城汽车 2026 年第一季度的业绩未达预期，净利润为 9.45 亿元人民币，同比下降 46%，环比下降 23%。核心收益同比下降 67%，为 4.82 亿元人民币。该公司维持 “持平” 评级，目标价为 15 港元，指出外汇逆风和短期波动是影响股价的因素</p>

<p>Morgan Stanley issued a research report stating that Great Wall Motor (02333.HK) -0.130 (-1.001%)  Short selling $44.13M; Ratio 20.661%  reported 1Q26 results below expectations. Net profit amounted to RMB945 million, down 46% YoY and 23% QoQ, while core earnings fell 67% YoY to RMB482 million.</p>
<div class="lb-trans"><p>摩根士丹利发布研究报告称，长城汽车（02333.HK）-0.130 (-1.001%) 空头头寸为 4413 万美元；比例为 20.661% ，第一季度业绩低于预期。净利润为人民币 9.45 亿元，同比下降 46%，环比下降 23%，而核心盈利同比下降 67% 至人民币 4.82 亿元。</p>
</div><p>M Stanley believes that foreign exchange headwinds have already been priced in by the market, and the delayed Russian tax rebate will eventually be received. However, heightened short-term volatility and a lack of upside surprise in the companys full-year earnings forecast will exert downward pressure on the share price. The broker assigned an Equalweight rating to Great Wall Motor with a TP of HKD15. (sl/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-24 16:25.)</p>
<div class="lb-trans"><p>摩根士丹利认为，外汇逆风已经被市场消化，延迟的俄罗斯税收退税最终将会收到。然而，短期内波动加剧以及公司全年盈利预测缺乏上行惊喜将对股价施加下行压力。该券商对长城汽车给予平等权重评级，目标价为 15 港元。（sl/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 24 日 16:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
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M Stanley: Great Wall Motor  1Q26 Results Miss; Rated Equalweight

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摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

长城汽车-R

摩根士丹利：长城汽车 2026 年第一季度业绩未达预期；评级为持平