Bank of America Securities has revised its earnings forecast for GWMOTOR (02333), lowering projections for 2026 to 2028 by 4%, 4%, and 3% respectively. The target price for its H-shares has been reduced from HK$14.6 to HK$14.3, while maintaining a "Neutral" rating. The firm believes the company's strong product lineup and steady growth are already reflected in its valuation. For Great Wall Motor Company Limited (601633) A-shares, the target price has been lowered from RMB 18.4 to RMB 18.1, with an "Underperform" rating retained due to elevated valuation levels. In the first quarter, Great Wall Motor reported revenue of RMB 45.1 billion, up 13% year-on-year but down 35% quarter-on-quarter. Vehicle sales increased 5% year-on-year but declined 33% sequentially. The gross margin improved by 0.6 and 1.2 percentage points year-on-year and quarter-on-quarter respectively to 18.5%, supported by higher contributions from overseas markets and premium vehicle sales. Net profit for the quarter fell 46% year-on-year and 23% quarter-on-quarter to RMB 945 million, primarily due to a foreign exchange loss of RMB 50 million this quarter compared to a gain of RMB 1 billion in the same period last year. Excluding foreign exchange effects, net profit actually increased 42% year-on-year. Additionally, net profit after excluding non-recurring items was RMB 482 million, down 67% year-on-year and 17% quarter-on-quarter.