Gelonghui, April 26 | CMB International released a report stating that Changqi's net profit for the first quarter of this year was 3.2 billion yuan, exceeding investors' original forecasts, strengthening the bank's confidence in its profitability throughout the year. The bank raised Changqi's annual net profit forecast by 25% to 9.9 billion yuan, and believes that the company still needs to launch high-sales new energy vehicles in mainstream markets to increase investors' confidence in its electrification transformation. It also maintained its sales forecast of 1.35 million vehicles this year, with a 10% year-on-year increase, and an average sales price forecast increase of 3%; since the gross margin for the first quarter exceeded expectations, the bank raised Changqi's annual gross margin forecast by 0.3 percentage points to 18.9%. Furthermore, the bank maintained its “buy” rating for Changqi, and the target price was raised from HK$13 to HK$14.