CICC lowers Great Wall Motors (02333.HK) target price to HK$14, maintains "buy" rating.

Zhixun Financial APP learned that CMB International released a research report stating that Great Wall Motors (02333.HK) first-quarter net profit was lower than the bank's forecast, due to an increase in sales expenses and a delay in compensation for Russian vehicle recycling fees. The bank maintained a "buy" rating on Great Wall Motors, with the target price lowered from HK$17 to HK$14. The bank expects that due to the delayed compensation and the launch of new models, Great Wall Motors' second-quarter profit will be strong. The bank also pointed out that the company seems determined to revitalize the sales of the Xionglong Max by redesigning the appearance, introducing new energy Hi4, and urban NOA to differentiate itself from competitors. The bank also anticipates that among all brands under Great Wall Motors, the Weipai brand will bring the largest year-on-year profit growth in the current fiscal year.