The translation is: Credit Suisse: Give Great Wall Motor a "buy" rating with a target price of 22 Hong Kong dollars.

TF Securities released a research report stating that with the continuous launch of products on the "Element" platform and the beginning of contributions from new overseas markets, Great Wall Motor (02333) has the potential for sales growth, and is expected to emerge from the profit trough in the first quarter. It is recommended to "buy" Great Wall Motor H shares with a target price of HK$22, and Great Wall Motor (601633.SH) A shares with a target price of 30.4 RMB. The report states that Great Wall Motor's first quarter revenue increased by 13% year-on-year to 45.1 billion RMB, while net profit decreased by 46% year-on-year to 945.5 million RMB, lower than the bank's expectation of 1.2 billion RMB, mainly due to exchange losses. Excluding this factor, net profit actually increased by 42% year-on-year to 1.1 billion RMB. Regarding the scrappage tax, the significant cost impact of fees imposed by Russia is expected to be mitigated as localization procedures are completed, with at least two quarters of tax refunds expected to be received in the second quarter, potentially increasing gross profit margin by about 2 percentage points. The bank indicates that the company's car sales during the period increased by 4.8% year-on-year to 269,000 units, outperforming the industry average, but still falling short of the annual target of 1.8 million units. Despite steady overseas demand, the short-term sales reflect cautious strategies adopted by wholesalers before the launch of new products, a product cycle gap with major models being launched in the second half of the year, and channel limitations for the ORA brand.