Citigroup has released a research report announcing a reduction in the target price for GWMOTOR (02333) from HK$23.7 to HK$18.9, while maintaining a "Buy" rating. The company recently issued an earnings preview, indicating an expected net profit of approximately 9.912 billion yuan for the past year, representing a 21.7% year-on-year decline, which fell short of investor expectations. This underperformance was primarily attributed to a 1 percentage point year-on-year decrease in gross profit margin to 18.5%, increased expenses associated with the direct sales model and new product promotions, a delayed booking of roughly 1 billion yuan in tax refunds for end-of-life vehicles in Russia, and the impact of increased year-end bonuses. GWMOTOR anticipates its full-year revenue for the past year will reach 222.79 billion yuan, a 10.2% increase year-on-year, meeting expectations, with an overall average selling price per product of 168,300 yuan. Management has set a sales target of 1.8 million vehicles for the current year, including an overseas sales target of 600,000 units, believing that growth will be driven by markets in Central and South America, the Middle East, Europe, and right-hand-drive regions.