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2026-10-15 16:38:30 China Merchants Bank International issued a research report stating that Chinese auto stocks underperformed the broader market in the third quarter, mainly due to slower-than-expected domestic demand recovery, the newly implemented battery consumption tax, and market expectations for reduced export tax rebates on new energy vehicles. The broker further lowered its forecasts for this year's retail and wholesale sales volumes, while also cutting its forecast for China's new energy vehicle sales. On the other hand, CMBI said that QoQ sales growth, stable pricing, stringent cost controls and rising overseas contributions will drive QoQ increases in revenue and net profit for the seven Chinese automakers under its coverage, namely BYD COMPANY (01211.HK), GEELY AUTO (00175.HK), GWMOTOR (02333.HK), LEAPMOTOR (09863.HK), NIO-SW (09866.HK), XPENG-W (09868.HK) and LI AUTO-W (02015.HK) in the third quarter. The broker expects LEAPMOTOR's third-quarter net profit to reach a record high, and forecasts significant growth in net profit or narrower QoQ net losses for BYD COMPANY (01211.HK), NIO-SW (09866.HK) and LI AUTO-W (02015.HK). The broker lowered its forecast for NIO-SW's (09866.HK) net loss this year by 12%, largely maintained its forecasts for net profit or losses for BYD COMPANY (01211.HK), GEELY AUTO (00175.HK), LEAPMOTOR (09863.HK), XPENG-W (09868.HK) and LI AUTO-W (02015.HK), but cut its earnings forecast for GWMOTOR (02333.HK) by 18%. The broker lowered its forecast for China's passenger vehicle retail sales this year by 8.3% to 18.95 million units, representing a YoY decline of 18.5%, and also reduced its passenger vehicle wholesale sales forecast by 6.7% to 28.71 million units. (sl/da)~ AASTOCKS Financial News Website: www.aastocks.com 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. | |