External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Eleven Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Aito, Neta and Leap reported their Aug 2023 sales volumes on 1 Sep 2023.</li><li>Sales volume of the 11 automakers combined rose 68% YoY (ranged from -50% to +1,218%) and 5% MoM (ranged from -9% to +24%) in Aug 2023.</li><li>NEV trio largely in line. Li Auto’s recorded a sales volume of almost 35,000 units in Aug 2023, with all three models surpassing 10,000 units. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eleven Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Aito, Neta and Leap reported their Aug 2023 sales volumes on 1 Sep 2023.Sales volume of the 11 automakers combined rose 68% YoY (ranged from -50% to +1,218%) and 5% MoM (ranged from -9% to +24%) in Aug 2023.NEV trio largely in line. Li Auto’s recorded a sales volume of almost 35,000 units in Aug 2023, with all three models surpassing 10,000 units. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – In-line Aug NEV retail sales volume

Equity Bottom-Up

<ul><li>Maintain BUY. Great Wall’s 2Q23 net profit beat our prior forecast mainly due to its GPM of 17.4% (3.7 ppts higher than our estimates).</li><li>Although Great Wall focuses on differentiation in its NEV products to maintain margins, we think it should be more aggressive in NEV sales growth, and such profitability provides room for it.</li><li>We raise our FY23E net profit to RMB 3.2bn amid resilient GPM in 1H23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Great Wall’s 2Q23 net profit beat our prior forecast mainly due to its GPM of 17.4% (3.7 ppts higher than our estimates).Although Great Wall focuses on differentiation in its NEV products to maintain margins, we think it should be more aggressive in NEV sales growth, and such profitability provides room for it.We raise our FY23E net profit to RMB 3.2bn amid resilient GPM in 1H23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Great Wall Motor (2333 HK) – Resilient Margins Pave Way for EV Transition

<ul><li>We summarize the Jul 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.</li><li>New orders per store for these six NEV brands have been rising MoM since Apr 2023, which is consistent with our prior argument that NEV market share in China could rise sequentially for the remainder of the year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Jul 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.New orders per store for these six NEV brands have been rising MoM since Apr 2023, which is consistent with our prior argument that NEV market share in China could rise sequentially for the remainder of the year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Jul leading indicators: NEV new orders rose MoM

<ul><li>We summarize the Jul 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on weighted average of Jun 2023 retail sales volume for each model, as Jul retail sales volume data have not been released yet.</li><li>Discounts at dealers for most Chinese brands narrowed MoM in Jul 2023, consistent with our prior argument that discounts may peak around Jun-Jul 2023. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Jul 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on weighted average of Jun 2023 retail sales volume for each model, as Jul retail sales volume data have not been released yet.Discounts at dealers for most Chinese brands narrowed MoM in Jul 2023, consistent with our prior argument that discounts may peak around Jun-Jul 2023. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Jul discount: Chinese narrowed, foreign widened

<ul><li>Nine Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Neta and Leap reported their Jul 2023 sales volumes on 1 Aug 2023.</li><li>Sales volume of the nine automakers combined rose 67% YoY (ranged from -28% to +228%) and 6% MoM (ranged from -17% to +91%) in Jul 2023.</li><li>NEV trio all beat our expectation by 1,000-2,000 units. Li Auto recorded a sales volume of more than 34,000 units in Jul 2023, stronger than our previous forecast.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nine Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Neta and Leap reported their Jul 2023 sales volumes on 1 Aug 2023.Sales volume of the nine automakers combined rose 67% YoY (ranged from -28% to +228%) and 6% MoM (ranged from -17% to +91%) in Jul 2023.NEV trio all beat our expectation by 1,000-2,000 units. Li Auto recorded a sales volume of more than 34,000 units in Jul 2023, stronger than our previous forecast.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Jul NEV: All-time high sales for seven brands

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Great Wall Motor (2333 HK)

China Auto Sector – In-line Aug NEV retail sales volume

Eleven Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Aito, Neta and Leap reported their Aug 2023...

CMB International