＜Research＞CMS: GWMOTOR Overseas Growth Leads Industry w/ Pioneering Advantage in Localized Production

　　GWMOTOR (02333.HK) -0.280 (-2.326%) Short selling $38.11M; Ratio 11.401% 's cumulative sales volume from January to May 2024 increased by 11.4% YoY, ahead of its peers by 2.9 ppts, CMS issued a research report saying. The cumulative sales volume of vehicles sold overseas rose by 65.2% YoY, outpacing its peers' average growth rate of 26%.

　　GWMOTOR's overseas sales have the localization advantage, and it was able to capture benefits by leveraging on the first-mover advantage of localization of its Russian plant to achieve rapid growth in overseas sales, according to the broker.

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　　CMS estimated that GWMOTOR's localized production and sales accounted for nearly 40% of the company's total overseas sales from January to May 2024, representing a YoY growth of 4.4 ppts.

　　Despite the fierce competition in the domestic auto market, GWMOTOR's differentiation strategy improved its profitability against the trend, resulting in poor market consensus. Therefore, GWMOTOR is one of CMS' top picks. CMS kept rating at Overweight for GWMOTOR, with a target price of $17.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-02 16:25.)

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