GWM's 2017 Sales Volume Missed Estimate; 2018 Earnings Rebound Intact Amid Strong WEY Outlook
No-moat Great Wall Motors', or GWM’s, full-year 2017 sales volume was virtually flat at 1.07 million units and missed our expectation by 5%, but the product mix decidedly improved, with the mid-end WEY product lines already accounting for nearly 20% of total sales in December. For 2018, management targets 8% year-on-year sales volume growth to 1.16 million units. We think this is conservative and there is high probability of upside surprise, given WEY’s strong demand outlook. We maintain our fai...
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