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CLSA Trims GWMOTOR TP to HKD7, Maintains Outperform Rating
2026-11-05 14:59:07
GWMOTOR (02333.HK), covered by CLSA in a report, had its domestic sales volume in 3Q fallen about 30% YoY. Coupled with new vehicle promotions, this undermined its domestic business, while exports as a proportion of total sales rose to 55%, leading to a 41% YoY decline in net profit during the period.

The broker lowered its revenue forecasts for GWMOTOR for 2026-28 by 7%, 16% and 23%, respectively, and cut net profit forecasts by 39%, 46% and 52%, respectively. It also projected net profit for 2026-28 to remain broadly stable at around RMB6.7-6.8 billion.

The broker trimmed the company's TP to HKD7 and maintained its Outperform rating.
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