Gelonghui, April 25 | CICC released a report saying that the first quarter results of Changqi exceeded expectations. Sales in the first quarter were steady, product structure improvements led to an increase in gross margin, tax deductions, etc., which led to a sustainable increase, and net profit exceeded market expectations. According to the bank, based on the continuity of value-added tax deductions, etc., Changqi's profit forecast for this year and next two years was raised by 11% and 10%, respectively, to 10.5 billion yuan and 12.7 billion yuan. Based on the narrowing expectations of Hong Kong stock valuation discounts, the “outperforming industry” rating was maintained and the target price for H shares was raised by 26% to HK$14.5. Furthermore, CICC expects 1,200 overseas channels this year, with overseas sales impacting 400,000 to 500,000 vehicles; at the same time, it will focus on breaking through organizational structure changes and improving marketing capabilities, and focusing on the Internet's stimulation of sales. The bank believes that the company's overseas localization layout, commercialization of intelligent technology, and channel transformation are expected to help the company continue its high-quality growth in the first quarter.