Economic Observation Network Great Wall Motors (02333. HK) accounts for over 50% of its overseas sales, and the reduction in export tax rebate rates for new energy vehicles will directly affect its profit elasticity.

Industry policies and environment
On October 13th, the Ministry of Finance announced that the export tax rebate rate for new energy vehicles would be reduced from 13% to 9%, with a longer buffer period reserved. Short term 4 percentage points will increase export costs, putting greater pressure on low gross profit and affordable car models ——The proportion of Great Wall's overseas sales has exceeded 50%, which directly affects the profitability elasticity.

The above content is based on publicly available information and does not constitute investment advice.