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<Research>HTSC Lifts GWMOTOR (02333.HK) TP to $23.28, Keeps Rating at Buy
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GWMOTOR (02333.HK)'s 1H25 revenue was RMB92.33 billion, up 1% YoY, Huatai Securities published a research report saying. Revenue per vehicle amounted to RMB162,000, down 2% YoY, while net profit was RMB6.34 billion, down 10% YoY. 2Q25 revenue amounted to RMB52.32 billion, up 8% YoY, while revenue per vehicle was RMB167,000, down 2% YoY. Net profit amounted to RMB4.59 billion, up 19% YoY. Considering the Company's strong new car cycle with more than 10 new models in 2H25, the continuous acceleration of the transition to new energy and overseas expansion and the expected improvement in profits with the increase of new product volume, the broker kept rating at Buy. The average PE valuation of GWMOTOR's H shares over the past 3 years was 10x. Considering the focus on international strategy and the expected continuous improvement in the Company's globalization capabilities in the future, Huatai Securities raised its valuation basis from the original 2025 PE ratio forecast of 11x to 14x. Taking into account exchange rate fluctuations, the broker lifted its target price for GWMOTOR's H shares from $21.31 to $23.28. AASTOCKS Financial News Website: www.aastocks.com |
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