Changes in Hong Kong stocks | Great Wall Motor (02333) fell more than 4% in the intraday period and hit a new low of more than four years. October sales only increased, and net profit fell 40% year-on-year in the third quarter

The Zhitong Finance App learned that Great Wall Motor (02333) fell more than 4% in the intraday period, hitting a new low of HK$6.02 since October 2022. The cumulative stock price fell by nearly 60% during the year. As of press release, it decreased by 3.64% to HK$6.085, with a turnover of HK$68.98 million.

According to the news, Great Wall Motor's sales volume in October was 120,400 vehicles, down 15.87% year on year. Among them, Haval 710,000 vehicles fell 19.5%, WEY brand 0.86 million vehicles fell 31.9%, Great Wall Pickup fell 7.4%, and 12,200 Euler cars alone increased 115.8% year over year. In addition, the company's three-quarter report shows that net profit for the third quarter was 1.36 billion yuan, a year-on-year decrease of 40.8%. It is mainly affected by delays in withdrawing revenue from overseas tax policies, exchange rate fluctuations, and continued pressure on the domestic automobile market.

CMB International lowered Great Wall Motor's target price for H shares by 39.3%, from HK$14 to HK$8.5, and the target price for A-shares was lowered simultaneously to maintain the “buy” rating. Due to export tax rebates cuts, battery consumption tax increases, and uncertainty about scrap tax rebates, it lowered its net profit forecast for 2026 and 2027 by 30% to 5.3 billion yuan and 6.4 billion yuan.