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<Research>CLSA Reiterates Outperform on GWMOTOR (02333.HK) Despite 3Q NP Miss
Recommend 15 Positive 13 Negative 12 |
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GWMOTOR (02333.HK) posted a 20.5% YoY hike in 3Q25 revenue, with the GPM down 0.4 ppts QoQ to 18.4%, and net profit below street consensus, CLSA released a research report indicating. However, as the company plans to launch new models in the mass market and premium market in 2026, the broker envisioned that the company's strategy to move upmarket will further materialize, helping to boost exports to regions such as Europe and achieve higher ASP. The broker believed that the automaker's technological advantages and ongoing premium capabilities will lay the foundation for its development for 2026. Nevertheless, in light of the 3Q25 earnings adjustment, the broker lowered its forecast for 2025's revenue and net profit by 0.5% and 10.8%, respectively, but reiterated its Outperform rating and target price of HKD21. AASTOCKS Financial News Website: www.aastocks.com |
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