Citigroup: Buy rating on Great Wall Motor (02333) with a target price of 20.4 Hong Kong dollars.

Citigroup released a research report stating that it rates Great Wall Motor (02333) as a "buy" with a target price of HKD 20.4. The company has set a target of 550,000 units for overseas sales in the 2025 fiscal year, and the total sales target for the 2025 fiscal year will be announced on March 25. Great Wall Motor has released its preliminary performance for the 2024 fiscal year, with a net profit of RMB 12.4 billion to 13 billion, in line with market expectations. The focus of today's management briefing includes the company's plan to distribute RMB 3.9 billion in year-end bonuses, expected to have a 2.6 billion impact on the fourth quarter profit and loss statement; the company has effectively controlled foreign exchange losses in 2024 to around RMB 350 million; and the company is developing multiple high-end non-image ADAS solutions based on Nvidia's Orin and Thor chips as well as Qualcomm chips. In addition, a pure vision-based ADAS solution is currently undergoing pre-production testing.