Morgan Stanley: Great Wall Motor (02333) first quarter performance below expectations, rated "in line with the market"

Morgan Stanley released a research report stating that Great Wall Motor (02333) performed below expectations in the first quarter of this year, with a net profit of 945 million RMB, a year-on-year decrease of 46%, and a quarterly decrease of 23%. Core profits also dropped by 67% year-on-year to 482 million RMB. The bank maintains a "market perform" rating for Great Wall Motor with a target price of 15 Hong Kong dollars. Morgan Stanley believes that the factors of foreign exchange losses are already priced in by the market, and the delayed Russian tax rebates will eventually be received. However, the short-term volatility and lack of surprises in the company's full-year profit forecast will put downward pressure on the stock price.