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>Chinese automakers including BYD, NIO, Xpeng, Li Auto, Aion, Deepal, Neta, Leap, and Xiaomi etc reported their May 2024 sales volumes during 1-2 Jun.</li><li>Total sales volume combined rose 38% YoY (ranging from -22% to +234%) and 12% MoM (ranging from +6% to +43%).</li><li>NIO beat, Li Auto in-line, Xpeng could be restocking. Li Auto delivered about 35,000 units (+36% MoM) in May, with about 13,000 units from the L6, which also implied that the other models’ total deliveries declined MoM in May, based on our calculations.</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, NIO, Xpeng, Li Auto, Aion, Deepal, Neta, Leap, and Xiaomi etc reported their May 2024 sales volumes during 1-2 Jun.Total sales volume combined rose 38% YoY (ranging from -22% to +234%) and 12% MoM (ranging from +6% to +43%).NIO beat, Li Auto in-line, Xpeng could be restocking. Li Auto delivered about 35,000 units (+36% MoM) in May, with about 13,000 units from the L6, which also implied that the other models’ total deliveries declined MoM in May, based on our calculations.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 - May NEV Retail Share to Hit 45%; NIO Beat

<ul><li>We summarize the Apr 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 Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to 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 Apr 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 Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to 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 - OEMs’ Different Strategies Amid Higher Discount

Equity Bottom-Up

China Yongda Automobile Services Hldg / Equity Bottom-Up

<ul><li>Yongda Automobiles (Yonda)’s 2H23 net profit fell 59% HoH to RMB166mn, lower than our prior forecast by 12% due to lower-than-expected revenue and GPM of after-sales services.</li><li>As the net margin fell to below 1% with deteriorated new-car GPM, cost control becomes the key to Yongda’s profitability.</li><li>We believe cost control is attainable in FY24E given network optimization. </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.

Yongda Automobiles (Yonda)’s 2H23 net profit fell 59% HoH to RMB166mn, lower than our prior forecast by 12% due to lower-than-expected revenue and GPM of after-sales services.As the net margin fell to below 1% with deteriorated new-car GPM, cost control becomes the key to Yongda’s profitability.We believe cost control is attainable in FY24E given network optimization. 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.

Yongda Automobiles (3669 HK) - 2H23 Miss on GPM; Cost Control Key to FY24E

<ul><li>11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.</li><li>Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.</li><li>Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior 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.

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior 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.

Auto - Feb NEV Sales Fell; More New Models from Mar

<ul><li>We summarize the Jan 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 Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.</li><li>The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). </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 Jan 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 Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). 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’ Discounts Continued to Widen in Jan

China

China Yongda Automobiles Services Holdings Ltd. retails passenger vehicles. The Company sells new and used vehicles and offers automobile rentals. China Yongda Automobiles also provides service.

China Yongda Automobile Services Hldg (3669 HK)

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China Yongda Automobile Services Hldg (3669 HK)

Auto - OEMs’ Different Strategies Amid Higher Discount

Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model

CMB International

Yongda Automobiles (3669 HK) - 2H23 Miss on GPM; Cost Control Key to FY24E

The company increased its dividend payout ratio to 53% in FY23, implying a dividend yield of 8%. The dividend payout ratio will probably not...

CMB International

Auto - Feb NEV Sales Fell; More New Models from Mar

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales...

CMB International

Auto - Chinese Brands’ Discounts Continued to Widen in Jan

Discounts at dealers usually narrow after the CNY amid more new model launches, which did not occur in 2022 and 2023, as price war outweighed new...

CMB International

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