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<Research>Jefferies Expects GWMOTOR to Emerge from Earnings Trough; 2Q26 GPM Likely to Improve
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According to a Jefferies report, GWMOTOR (02333.HK) recorded 1Q26 revenue of RMB45.1 billion, up 13% YoY, while net profit fell by 46% YoY to RMB945.5 million, below the broker's forecast of RMB1.2 billion, mainly due to foreign exchange losses. Excluding this factor, net profit would have risen by 42% YoY to RMB1.1 billion. Regarding the scrappage tax, the levy imposed by Russia had a significant cost impact. As localization procedures are completed, however, GWMOTOR is expected to receive tax rebates for at least two quarters starting from 2Q26, which could lift gross margin by about 2 ppts. Jefferies expects that the launches of products under the GWM ONE Platform and new overseas market contributions will improve the upside potential in sales and lead GWMOTOR to emerge from its 1Q26 earnings trough. GWMOTOR's rating remains Buy, with a target price of HKD22. Auto-translated by AI AASTOCKS Financial News |
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