tera gold and the new car of Toyota's joint venture launched in November last year - SFB

UBS reports, refer to GAC profit only slightly higher than the Bank expected last year, excluding annual business structural adjustment factor, actual annual earnings by 23% flat to the expected earnings per share of the company tera gold, maintain the unit "neutral" rating, price target $ 7.5. The Bank anticipates GAC sales pressure this year tera power leveling, sales of Honda's joint ventureNear end of the product cycle, and the new car of Toyota's joint venture launched in November last year, sales for the year rose to 5%, prices falling in February-March. UBS expects tera power leveling, GAC has only moderate growth this year, due to fierce competition in the market, changing the lack of attractiveness. Honda car sales remained weak this year, Toyota profit increased support team. Others:

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