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 project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.</li><li>Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.</li><li>We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.</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 project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.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.

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

<ul><li>We summarize the Jun 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 May 2023 retail sales volume for each model, as Jun retail sales volume data have not been released yet.</li><li>Most automakers’ discounts widened MoM in Jun 2023 to rush for 1H23 targets and cut inventories, as we had expected. </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 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on weighted average of May 2023 retail sales volume for each model, as Jun retail sales volume data have not been released yet.Most automakers’ discounts widened MoM in Jun 2023 to rush for 1H23 targets and cut inventories, as we had expected. 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 – When will discounts peak after rising for 8 months

<ul><li>Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on 1 Jun 2023.</li><li>Sales volume of the nine brands combined rose 88% YoY (ranged from -26% to +146%) and 13% MoM (ranged from -8% to 38%) in May 2023.</li><li>Li Auto’s May sales more than doubled NIO and Xpeng combined.</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 new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on 1 Jun 2023.Sales volume of the nine brands combined rose 88% YoY (ranged from -26% to +146%) and 13% MoM (ranged from -8% to 38%) in May 2023.Li Auto’s May sales more than doubled NIO and Xpeng combined.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 – May NEV likely to hit second highest in history

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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 – Mixed picture ahead as inventory risk lingers

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.</li><li>Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.</li><li>PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 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.

China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 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 – A trough in the short term?

China

Great Wall Motor is a Chinese automobile manufacturer specializing in the design, development, production, and sale of a diverse range of vehicles, including SUVs, pickup trucks, sedans, and new energy vehicles under various brands. The company also produces automotive parts and components. It was founded in 1984 and is headquartered in Baoding, Hebei, China.

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Great Wall Motor (2333 HK)

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of...

CMB International

China Auto Sector – When will discounts peak after rising for 8 months

Note that such discounts for each automaker are calculated based on weighted average of May 2023 retail sales volume for each model

CMB International

China Auto Sector – May NEV likely to hit second highest in history

Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on...

CMB International

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

China Auto Sector – A trough in the short term?

Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export...

CMB International

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