Lyon released a research report, rating Great Wall Motor (02333) as "outperforming the market", believing that with years of experience in traditional internal combustion engines (ICE), it will be able to steadily expand overseas, and export volume is expected to reach 0.45-0.5 million vehicles in the current fiscal year. The bank remains optimistic about the group's profit growth momentum in the second half of the year.
The report states that the company's preliminary performance in the second quarter meets the bank's expectations, with the overseas market continuing to contribute stable profits, while the group continues to adopt a cautious strategy to respond to the electric vehicle trend in the domestic market, balancing market share and profitability in China. At the same time, Tank, a subsidiary of Great Wall Motor, has seen a surge in demand in the domestic market, indicating that the off-road SUV market is still dominated by Great Wall Motor, and other electric vehicle manufacturers will find it difficult to gain market share. Therefore, the bank believes that Great Wall Motor will continue to benefit.