Lyon: Great Wall Motor's overseas growth momentum continues to maintain a "outperform the market" rating.

Lyon released a research report stating that it maintains its full-year sales forecast of 1.4 million vehicles for Great Wall Motor (02333) this year, with expected moderate growth in profit per vehicle. It maintains a "outperform" rating on Great Wall Motor's H shares and A shares, with target prices of HK$15 and RMB 23 respectively. The bank stated that Great Wall Motor's first quarter revenue increased by 12.7% year-on-year to RMB 45.1 billion, with an average selling price per vehicle of RMB 167,000. During the period, the attributable net profit after exchange rate impact was RMB 950 million, a 46% year-on-year decrease; excluding exchange rate factors, it increased by 41.7% year-on-year. The report mentioned that the company's first quarter sales volume increased by 4.8% year-on-year to 269,100 vehicles, with overseas sales accounting for 48.3%, especially with sales doubling in the Brazilian and Southeast Asian markets. The bank expects that the company's flexible multi-power platform architecture will further strengthen its overseas growth momentum, allowing it to quickly adapt to the demands of different markets.