BofA Securities issued a research report adjusting its forecasts for GWMOTOR (02333) following its Q3 results and updated vehicle launch timeline. The firm lowered its sales projections for 2025–2027 by 4%, 2%, and 3%, respectively, while raising gross margin estimates for 2026–2027 by 0.2 percentage points. Net profit forecasts were revised down by 0.6% for 2025, up by 3.8% for 2026, and down by 0.1% for 2027. The target price was reduced from HK$19.5 to HK$18, with a reiterated "Neutral" rating, as the valuation is deemed reasonable.

GWMOTOR's Q3 revenue reached RMB 61 billion, up 21% YoY and 17% QoQ, driven by higher sales volume and average selling prices. However, net profit fell 31% YoY and 50% QoQ, missing expectations due to delayed recognition of RMB 800 million in Russian scrappage tax rebates and RMB 130 million in forex losses. Excluding one-off items, Q3 net profit still declined 30% YoY. Gross margin dropped 1.6 percentage points YoY to 18.4%, attributed to lower contributions from the Tank brand and increased dealer rebates for the Haval and pickup truck segments.