DBS: Great Wall Motor – H: Buy Target Price HK$12.90; A: Hold Target Price RMB25

Strong recovery in NEV sales

• Rising share of high-margin models expect to boost 2024 outlook 
• Expect NEV sales growth of 30% in FY24 to be higher than industry sales trend
• Firm vehicle margin from better sales mix and overseas expansion to support future earnings growth 
• Maintain BUY on improving outlook and compelling valuation; HK$12.90 TP based on 11x FY24F PE