UOB Kay Hian has maintained a "Buy" rating on GWMOTOR (02333) while lowering its net profit forecasts for 2026 to 2028 by 15%, 16%, and 17%, respectively, citing a higher expense ratio. The target price has been adjusted downward from HK$16 to HK$15, based on an unchanged forecasted 2026 price-to-earnings ratio of 12 times. The firm noted that GWMOTOR's first-quarter net profit fell 46% year-on-year to 945 million yuan, missing expectations and declining 23% quarter-on-quarter, representing only 9% of its full-year forecast. The profit decline was primarily due to higher-than-anticipated sales and research and development expenses. However, excluding a foreign exchange gain of 1.03 billion yuan from the same period last year, the first-quarter net profit would have actually shown over 30% year-on-year growth. UOB Kay Hian emphasized that the earnings recovery theme for GWMOTOR remains intact, supported by a robust product pipeline, the launch of new technologies, and a rebound in exports.