Macquarie: Maintaining Great Wall Motors (2333. HK) outperformed the market rating with a target price of HK$34

Macquarie expects great wall motors (2333.HK), with its strong portfolio of electric vehicles and plug-in hybrids, and its focus on the mid-duty new energy vehicle market, expects its sales volume to grow at a CAGR of 1.2 times between 2021 and 2023. The bank maintained Changqi's "outperform" rating, but lowered its price target by 11% to HK$34.

Macquarie adjusted Great Wall Motor's sales and average price, lowering its 2021 net profit forecast by 8% and 2% and 4% for 2022/23. The bank pointed out that Changqi mainly relies on sales in lower-tier cities, but benefits from the "Tank T300" and "Euler Good Cat", and its sales in first-tier cities have gradually improved.