Jefferies Financial released a report on September 4th, stating that it is bullish on Great Wall Motor's overseas sales next year and maintains a 'buy' rating with a target price of HK$13.4; it also gives a 'buy' rating for Great Wall Motor's A-share with a target price of RMB 33.3. The report predicts that the export sales of Great Wall Motor in 2025 will increase by 30% year-on-year, with the best performance in the Brazilian market. Great Wall Motor maintains a conservative target of 0.45 million vehicles for 2024. In the first eight months of this year, Great Wall Motor's sales volume increased by 15%, 15%, and 10% respectively, and Latin America, Australia, Africa, and Southeast Asia markets have begun to contribute to the growth in the second half of the year. Jefferies Financial believes that Great Wall Motor is successfully implementing its overseas strategy with higher profit visibility compared to its peers, but lacks upward catalysts to drive its sales growth in the domestic market. The bank believes that if the company has more successful new energy vehicle products in place, it should be able to obtain a higher market share. It maintains profit forecasts of RMB 12.6 billion and RMB 14.7 billion for 2024 and 2025, respectively.