Disappointing 1Q Results In Line With Our Estimates, Margin Recovery Still Stuck in First Gear
Great Wall Motor reported first-quarter earnings that were just shy of Street consensus, but in line with our more pessimistic forecast. Management maintains its sales volume target of 1.2 million but provided little guidance on profitability outlook. We lift volume assumption for Great Wall after factoring in stronger-than-expected sales of its Ora line. This, however, will have a negligible impact on the firm’s bottom line because these compact EVs are sold near cost. Therefore, we maintain ou...
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