CLSA has released a research report maintaining its full-year sales forecast for GWMOTOR (02333) at 1.4 million vehicles, anticipating a modest increase in profit per vehicle. The firm reaffirmed its "Outperform" rating for both the H-shares of GWMOTOR and the A-shares of Great Wall Motor Company Limited (601633.SH), with target prices set at HKD 15 and CNY 23, respectively. The report indicated that GWMOTOR's first-quarter revenue rose 12.7% year-on-year to CNY 45.1 billion, with an average selling price per vehicle of CNY 167,000. Net profit attributable to shareholders, after accounting for foreign exchange impacts, was CNY 950 million, a decline of 46% compared to the same period last year; however, excluding exchange rate factors, it increased by 41.7% year-on-year. The report noted that the company's first-quarter sales volume grew 4.8% year-on-year to 269,100 units, with overseas sales accounting for 48.3% of the total, particularly showing doubled sales in markets such as Brazil and Southeast Asia. CLSA expects that the company's flexible multi-power platform architecture will further strengthen its overseas growth momentum, enabling it to quickly adapt to varying market demands.