GO
| HSI1 | 18,475.92 | +268.79 | 116.19B |
| HSCEI1 | 6,547.29 | +110.20 | 55.14B |
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2024-04-25 14:43:47 GWMOTOR (02333.HK)'s 1Q24 results beat, CICC said in a report. The 1Q24 sales were solid, GM improved due to better product mix, and net profit topped street consensus as additional deductions for taxes and fees brought sustainable non-recurring growth. Based on the sustainability of the additional VAT exemption, the broker raised its profit forecasts on the company for 2024 and 2025 by 11% and 10% to RMB10.5 billion and RMB12.7 billion respectively. Based on the expected narrowing of the valuation discount of H shares, the broker maintained the Outperform rating on GWMOTOR and raised the target price by 26% to HKD14.5. In addition, CICC pointed out that the company expected to reach 1,200 overseas channels in 2024, with overseas sales whopping 400,000-500,000 vehicles. Meanwhile, the company will focus on organizational reform and improving marketing capability, and will pay heed to the boost of sales by the internet. In CICC's view, GWMOTOR's overseas localization, the commercialization of intelligent technology and channel reforms were expected to help the company carry on its high-quality growth in 1Q24. ~ AAStocks Financial News Web Site: www.aastocks.com | |