Bank of America Securities published a research report. Based on the third-quarter results and sales performance of Chinese automobile manufacturers, target prices were adjusted accordingly, indicating that in September, China's wholesale volume of electric vehicles increased by 42% year-on-year to 1.29 million vehicles, and the penetration rate of electric vehicles reached a record high of 45.8%. As of October 7, the Ministry of Commerce had received 1.27 million trade-in subsidy applications, of which electric vehicles accounted for 60%. It is hoped that the strong trend of electric vehicle sales will continue until the fourth quarter. Bank of America raised its passenger car sales forecast for this year and next two years by 0.1% and 0.2%, respectively, to a year-on-year increase of 2.2% and 1.5%; at the same time, it raised its forecast for electric vehicle sales in China by 6.2% and 3.7% to increase by 30% and 16% year-on-year.

The bank believes that among the car manufacturers covered, Great Wall Motor and Dongfeng are moving relatively slowly, downgrading Great Wall Motor's rating from “buy” to “neutral”. The target price was raised from HK$13.7 to HK$15.4, and the profit forecast for 2024 to 2026 was raised by 11%, 10% and 10%. Bank of America also downgraded Dongfeng's rating from “neutral” to “outperforming the market”, lowered its net profit forecast by 22%, 25%, and 20% from 2024 to 2026, and lowered the target price from HK$2.35 to HK$2, believing that its current price valuation is too high.