Gelonghui, April 26 | CITIC Securities released a report saying that Changqi's overseas market has gradually grown, and its export scale has surged since 2021. Overseas sales have tripled in three years, and gross margin has been 10 percentage points higher than domestic sales for two consecutive years. In addition to the Russian market, the company has also achieved significant growth in markets such as Australia and Brazil, proving that successful products and operations can be replicated. According to the report, the scale effect of Changqi's overseas markets will contribute to excess profits, reduce cost rates, and increase net profit margins. Referring to the Suzuki Motor case, the increase in overseas business exposure has clearly boosted net profit margin and ROE. Great Wall Motor is expected to achieve greater success in overseas markets in the future, adding certainty to overseas profits. Considering that the company's monthly export sales in March exceeded expectations and that export profits were higher than domestic, CITIC Securities raised the company's profit forecast per share from 2024 to 2026 to 1.19/1.42/1.67 yuan, compared to the original forecast of 1.11/1.29/1.5 yuan. The price-earnings ratio of Hong Kong stocks was raised 13 times in 2024, compared to 12 times. The target price was raised from HK$15 to HK$17.