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<Research>CMBI Names GEELY AUTO as Top Pick, Cuts 2026 NEV Sales Forecast
Recommend 39 Positive 61 Negative 20 |
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CMBI has released a research report keeping its forecast for this year's retail and wholesale sales of passenger vehicles (PVs) in China at a YoY decline of 0.1% and a YoY increase of 2.9% respectively, given weaker-than-expected sales data for November and December last year. Due to tightened requirements for trade-in subsidies, CMBI tweaked down its growth forecast for this year's retail and wholesale sales of new energy vehicles (NEVs) to 12.6% and 15.1% YoY, namely 13.95 million and 17.78 million units respectively. As the poor sales performance last quarter may lead some automakers to miss earnings expectations for the period, CMBI lowered its 4Q25 earnings forecasts for GWMOTOR (02333.HK), XPENG-W (09868.HK), LEAPMOTOR (09863.HK), and GAC GROUP (02238.HK). In contrast, CMBI raised its 4Q25 earnings forecasts for BYD COMPANY (01211.HK), NIO-SW (09866.HK), and LI AUTO-W (02015.HK). As for GEELY AUTO (00175.HK), the broker kept its 4Q25 and 2026 earnings forecasts unchanged. Upbeat about GEELY AUTO's earnings visibility and attractive valuation, it selected the carmaker as its industry top pick with a rating of Buy and a target price of HKD25. AAStocks Financial News |
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