M N 29 Apr 2024 CMB International Global Markets | Equity Research | Company Update GAC Group (2238 HK) In-line 1Q24 earnings GAC Group (GAC)’s 1Q24 results were largely in line with our prior estimates Target Price HK$5.50 and we maintain our FY24E net profit forecast of RMB5.4bn. We are more (Previous TP HK$5.50) conservative than management about Aion’s sales volume and profitability, as Up/Downside 69.2% we believe that Aion needs quality growth (brand upscale, overseas expansion Current Price HK$3.25 e ...