Anxin International released a research report stating that it maintains the “buy” rating of Great Wall Motor (02333.HK), with a target price of HK$16. The company sold 275,000 units in 24Q1, up 25.1% year on year. Of these, overseas sales volume was 93,000 units, up 78.5% year on year, accounting for 33.7% of total sales, and the overseas share continued to increase. The bank believes that overseas models are more expensive, and their profitability is higher than at home. Great Wall Motor's export business layout is far-reaching. The export sales volume is expected to exceed 500,000 vehicles in 24 years, which is the main driving force for sales and performance growth.