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>We summarize the Aug 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Jul 2024 retail sales volume for each model, as Aug 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.1ppts MoM in Aug based on our calculations, the mildest increase since Apr 2024.</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 Aug 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Jul 2024 retail sales volume for each model, as Aug 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.1ppts MoM in Aug based on our calculations, the mildest increase since Apr 2024.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.

Auto - Will “Golden Sep” reoccur after a peaceful Aug?

Equity Bottom-Up

<ul><li>We raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&amp;D expenses.</li><li>We also raise FY25E sales volume forecast to 4.3mn units, as BYD’s new PHEV models are more competitive than we had expected.</li><li>We believe its solid earnings quality could continue in FY25E. </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 raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&amp;D expenses.We also raise FY25E sales volume forecast to 4.3mn units, as BYD’s new PHEV models are more competitive than we had expected.We believe its solid earnings quality could continue in FY25E. 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.

BYD (1211 HK) - Solid Sales, Earnings Outlook Despite Mixed 2Q

<ul><li>We summarize the Jul 2024 leading indicators as below, including the 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 cities in China.</li><li>The following data reflect samestore metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.</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 2024 leading indicators as below, including the 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 cities in China.The following data reflect samestore metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.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.

Auto - Resilient Leading Indicators During Off-Peak Time

<ul><li>Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jul 2024 sales volumes on 1 Aug.</li><li>Total sales volume combined rose 33% YoY (ranging from - 22% to +950%) and remained flat MoM (ranging from -22% to +10%) in Jul.</li><li>Li Auto beat, NIO in line, Xpeng restocking. Li Auto delivered about 51,000 units (+7% MoM) in Jul, a record high, better than our prior 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.

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jul 2024 sales volumes on 1 Aug.Total sales volume combined rose 33% YoY (ranging from - 22% to +950%) and remained flat MoM (ranging from -22% to +10%) in Jul.Li Auto beat, NIO in line, Xpeng restocking. Li Auto delivered about 51,000 units (+7% MoM) in Jul, a record high, better than our prior 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.

Auto - Likely First MoM Rise for Jul NEV Retail Since 2021

<ul><li>We summarize the Jun 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of May 2024 retail sales volume for each model, as Jun 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.6ppts MoM in Jun based on our calculations, similar to the pace in May, again driven by German and Japanese brands.</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 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of May 2024 retail sales volume for each model, as Jun 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.6ppts MoM in Jun based on our calculations, similar to the pace in May, again driven by German and Japanese brands.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.

Auto - Chinese brands’ 2Q earnings could be resilient

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Auto - Will “Golden Sep” reoccur after a peaceful Aug?

We summarize the Aug 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

BYD (1211 HK) - Solid Sales, Earnings Outlook Despite Mixed 2Q

We raise FY25E net profit by 10% to RMB36.2bn by lifting sales volume forecast and cutting R&D expenses. We also raise FY25E sales volume forecast...

CMB International

Auto - Resilient Leading Indicators During Off-Peak Time

We summarize the Jul 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Auto - Likely First MoM Rise for Jul NEV Retail Since 2021

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jul 2024...

CMB International

Auto - Chinese brands’ 2Q earnings could be resilient

The industrywide average discounts widened by 0.6ppts MoM in Jun based on our calculations, similar to the pace in May, again driven by German and...

CMB International

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