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招银证券6月26日发布公告。Earnings/Valuation. We expect Great Wall’s NEV profitability to improve in FY24E with a net profit forecast of RMB 4.8bn, or 22% lower than our prior estimates. We maintain our BUY rating and target price of HK$12.00, based on 20x (prior 16x FY23E) our revised FY24E P/E. We roll over our valuation to FY24 as we believe FY23 could be a transition period for Great Wall’s electrification especially for PHEVs. We believe a higher valuation is justified, should Great Wall succeed in EV transformation. Key risks to our rating and target price include lower sales volume and margins, especially for NEVs, slower tech transformation than we expect and sector de-rating.

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