Hong Kong – GWM (2333 HK) Good Momentum is Expected to Continue in Q4 November 4, 2019 24

PSR Recommendation: NEUTRAL Status: Downgraded
Target Price: HKD6.5

Investment Summary
Q3 Profits Increased by near 90% QoQ Significantly
Great Wall Motors recorded the revenue of RMB21.2 billion in Q3, up 18% yoy and 13% qoq. The net profit attributable to stockholders reached RMB1.4 billion, up 507% yoy and 88% qoq. The accumulated revenue in the first three quarters reached RMB62.58 billion, down 6.1% yoy, a sharp decrease from -15% in the semi-annual report. The net profit attributable to stockholders reached RMB2,917 million, down 25.7% yoy, down 59% in the semi-annual report.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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