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>In this report, we summarize the Mar 2025 price discounts at dealers for major automakers.</li><li>Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model, as Mar 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts narrowed by 0.1ppts MoM in Mar 2025, based on our calculations, thanks to the narrowing discounts from some German brands (VW, Audi). </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.

In this report, we summarize the Mar 2025 price discounts at dealers for major automakers.Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model, as Mar 2025 retail sales volume data have not been released yet.The industrywide average discounts narrowed by 0.1ppts MoM in Mar 2025, based on our calculations, thanks to the narrowing discounts from some German brands (VW, Audi). 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 - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

<ul><li>We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers.</li><li>Net losses of Xpeng could narrow QoQ in 4Q24, while that of NIO may continue to widen QoQ, in our view.</li><li>Leapmotor turned profitable for the first time on a quarterly basis in 4Q24, stronger than most investors’ 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 are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers.Net losses of Xpeng could narrow QoQ in 4Q24, while that of NIO may continue to widen QoQ, in our view.Leapmotor turned profitable for the first time on a quarterly basis in 4Q24, stronger than most investors’ 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 - 4Q24 Earnings Preview: Growing Divergence

<ul><li>We summarize the Dec 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 same-store 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 Dec 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 same-store 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 - Jan 2025 NEV Sales to Fall MoM Despite Solid Dec Leading Indicators

<ul><li>Despite a pre-buying effect in 2024, we expect China’s passenger-vehicle (PV) sales volume to be still resilient in 2025.</li><li>We also project new-energy vehicle (NEV) market share to reach 57.8% in 2025E on a retail basis, which could make NEVs become mainstream in most price segments.</li><li>While some key themes including competition and the rising importance of new models are likely to continue in 2025, we also need to be prepared for new trends.</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.

Despite a pre-buying effect in 2024, we expect China’s passenger-vehicle (PV) sales volume to be still resilient in 2025.We also project new-energy vehicle (NEV) market share to reach 57.8% in 2025E on a retail basis, which could make NEVs become mainstream in most price segments.While some key themes including competition and the rising importance of new models are likely to continue in 2025, we also need to be prepared for new trends.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 - 2025 Outlook: Likely a replica of 2024, but more

Equity Bottom-Up

<ul><li>Maintain BUY. Great Wall’s 3Q24 core earnings were in line with our estimates.</li><li>We expect its overseas sales growth to continue in FY25E to support its earnings.</li><li>Seven new models in FY25E could also provide a positive surprise for China market sales.</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 3Q24 core earnings were in line with our estimates.We expect its overseas sales growth to continue in FY25E to support its earnings.Seven new models in FY25E could also provide a positive surprise for China market sales.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) - Overseas, New Models to Support FY25 After In-Line 3Q24 Core Earnings

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.

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Great Wall Motor (2333 HK)

Auto - 1Q25 Sales Volume, Discounts May Lead to Larger Earnings Divergence

Note that Mar discounts for each automaker are calculated based on the weighted average of Feb 2025 retail sales volume for each model

CMB International

Auto - 4Q24 Earnings Preview: Growing Divergence

We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers. Net losses of Xpeng could...

CMB International

Auto - Jan 2025 NEV Sales to Fall MoM Despite Solid Dec Leading Indicators

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

CMB International

Auto - 2025 Outlook: Likely a replica of 2024, but more

While some key themes including competition and the rising importance of new models are likely to continue in 2025, we also need to be prepared for...

CMB International

Great Wall Motor (2333 HK) - Overseas, New Models to Support FY25 After In-Line 3Q24 Core Earnings

Maintain BUY. Great Wall’s 3Q24 core earnings were in line with our estimates. We expect its overseas sales growth to continue in FY25E to support...

CMB International

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