CMSC International has revised down its earnings forecasts for GWMOTOR (02333) by 2%/5%/4% for 2025-2027, citing higher sales expenses from new model launches and overseas channel expansion, as well as increased tax rates due to growing international operations. The target price was cut by 8% from HK$26 to HK$24, though the "Buy" rating was maintained.

The report noted that multiple factors weighed on the company's Q3 profits, including deferred expenses in Russia, foreign exchange impacts, and overseas tax rate fluctuations. However, GWMOTOR remains optimistic about its premium brand WEY's performance in 2026, targeting monthly deliveries of 60,000 units.

Export growth is also expected to remain robust, with the company aiming for 500,000 units this year and at least 20% growth in 2026. Additionally, GWMOTOR plans to introduce the EC15 model in the European market by Q2 2026 to further expand its global presence.