GWM's 1H 2017 Profit Down 49% on Substantial Inventory Destocking Cost, but Worst Is Likely Over
Driven by higher-than-expected inventory destocking and new-model rollout expenses, no-moat Great Wall Motor, or GWM, reported weak first-half results with net profit down 49% on the back of virtually flat revenue. Despite the disappointing profit warning, we maintain our view that the operational weakness is likely temporary. The newly designed Haval H6 and WEY, the company’s debut product in the midmarket segment (CNY 150,000-250,000 per unit), should raise net earnings growth. We intend to cu...
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