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.

Equity Bottom-Up

<ul><li>We are of the view that Li Auto’s 2Q23 earnings are strong, especially with 8% net margin.</li><li>We therefore raise our 2H23E and FY24E earnings forecasts significantly.</li><li>That reminds us of Tesla which turned profitable at the end of 2019 and enjoyed the highest net profit growth in FY21 (+666% YoY). </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 are of the view that Li Auto’s 2Q23 earnings are strong, especially with 8% net margin.We therefore raise our 2H23E and FY24E earnings forecasts significantly.That reminds us of Tesla which turned profitable at the end of 2019 and enjoyed the highest net profit growth in FY21 (+666% YoY). 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.

Li Auto Inc. (LI US) – A Replica of FY20-21 Tesla?

Thematic (Sector/Industry)

<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 Jun 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>We are of the view that Tesla is still resilient, while NIO’s key metrics in Jun were below our expectation.</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 Jun 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.
We are of the view that Tesla is still resilient, while NIO’s key metrics in Jun were below our expectation.

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 – Jun leading indicators: NIO weaker than expected

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.</li><li>Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.</li><li>Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. </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.

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. 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 – Weak ending of 2022 provides a glimpse of hope

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.</li><li>Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.</li><li>It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.</li></ul>

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.

Trade Idea - Competition Heats up in the BEV Market Globally

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Li Auto Inc. (LI US) – A Replica of FY20-21 Tesla?

We are of the view that Li Auto’s 2Q23 earnings are strong, especially with 8% net margin. We therefore raise our 2H23E and FY24E earnings...

CMB International

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

We summarize the Jul 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

China Auto Sector – Jun leading indicators: NIO weaker than expected

We summarize the Jun 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

China Auto Sector – Weak ending of 2022 provides a glimpse of hope

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec. Wholesale volume rose 10%...

CMB International

Trade Idea - Competition Heats up in the BEV Market Globally

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak. Market worries that the global EV leader cannot sustain its competitive...

Quam Securities

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