BOC International released a report that GAC Group's profit fell 44.5% to 4.43 billion yuan last year, lower than the market and current expectations. Among them, GAC Honda and GAC Toyota declined significantly. As a result, GAC's 2024 and 2025 profit forecasts were lowered by 21.5% and 23.9%, respectively, to reflect the decline in joint venture profits. Meanwhile, in the face of increasingly fierce market competition, the company's profits will face pressure in the short term to maintain the company's “neutral” rating. The target price will be lowered from HK$4.43 to HK$3.34.
大行评级｜交银国际：下调广汽集团目标价至3.34港元 下调今明两年盈测
Bank Rating | BOC International: Lowering GAC Group's Target Price to HK$3.34, Lowering Earnings Forecast for This Year and Next Two Years
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