CICC has released a research report maintaining its "Outperform" rating on Great Wall Motor (02333). The current share price implies a 2026 price-to-earnings (P/E) ratio of 12.6x for its A-shares (601633.SH) and 7.3x for its H-shares. The firm has lowered its A-share target price by 20% to RMB 24.8 and its H-share target price by 20% to HK$18, corresponding to 2026 fiscal year P/E ratios of 15x and 10x, respectively, implying potential upside of 20% and 36% from the current price. Great Wall Motor announced its preliminary earnings, reporting revenue of RMB 222.79 billion for last year, a year-on-year increase of 10.2%; however, net profit attributable to shareholders fell 21.9% to RMB 9.91 billion. In the fourth quarter, revenue reached RMB 69.21 billion, rising 15.5% year-on-year and 13% quarter-on-quarter, while net profit attributable to shareholders declined 43.5% year-on-year and 44.3% quarter-on-quarter to RMB 1.28 billion. CICC noted that the company launched the world's first native AI-powered all-motive automotive platform, the Guiyuan platform, in January, which is compatible with various powertrains and vehicle types. The core components and system capabilities have been further enhanced, and cost reduction efforts are steadily progressing, which CICC believes is expected to support the accelerated launch of new energy vehicle models by 2026. Furthermore, the premium positioning of the WEY brand has yielded significant results, with the Gaoshan model achieving monthly deliveries exceeding 10,000 units for three consecutive months since October, establishing a second growth curve for the company's high-end segment. The company possesses a strong foundation in overseas markets, and CICC believes it can continue to benefit from expansion opportunities across multiple regions. Considering factors such as the timing of scrap tax rebates and year-end bonus accruals, CICC has lowered its profit forecasts for the company for 2025 and 2026 by 32% and 20% to RMB 9.9 billion and RMB 14 billion, respectively, while introducing its first profit forecast for 2027 of RMB 17 billion.