GWM's 1Q Was Soft, but Upcoming Product Upgrade and WEY Should Accelerate Profit Growth
The no-moat Great Wall Motor, or GWM, reported a soft first-quarter result on a mixture of unfavorable product mix and higher selling & administrative expenses, with net income down 18.3% year on year to CNY 1.9 billion on the back of 11.7% top-line growth to CNY 23.3 billion. Despite this, we think the operating weakness is likely to be temporary and the introduction of the redesigned Haval 6 and the highly anticipated WEY luxury class SUV should drive accelerating profit growth later this ...
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