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>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 Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> is at a pivotal stage in its transformation, and we expect it to outperform peers in the medium term.</li>
<li>Investors are seeing progress and strategic direction in three critical areas: new EV brands, increasing exports, and sustaining the success of ICE brands.</li>
<li>We are bullish about the EV capabilities of Chinese local OEMs and their ambition to enter global markets assertively. Geely Auto is one of the best plays on this theme.</li>
</ul>



Geely Auto (175 HK) is at a pivotal stage in its transformation, and we expect it to outperform peers in the medium term.
Investors are seeing progress and strategic direction in three critical areas: new EV brands, increasing exports, and sustaining the success of ICE brands.
We are bullish about the EV capabilities of Chinese local OEMs and their ambition to enter global markets assertively. Geely Auto is one of the best plays on this theme.


Geely Auto (175 HK): Initiation: A Key Play on China EV and Global Expansion Theme

<ul><li>We expect 3Q24 earnings of some leading Chinese automakers including BYD, Geely and Li Auto to rise substantially from 2Q24, which could beat investors’ expectation.</li><li>We expect Great Wall’s 3Q24 earnings to be resilient and at a similar level as 2Q24. Although both Xpeng and NIO launched competitive new models in 3Q24, we do not expect their net losses to narrow QoQ as the increase in gross profits may not be able to cover the R&amp;D and SG&amp;A expenses growth.</li><li>As valuation becomes less attractive now, we prefer automakers with more solid earnings, such as Geely and Li Auto. </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 expect 3Q24 earnings of some leading Chinese automakers including BYD, Geely and Li Auto to rise substantially from 2Q24, which could beat investors’ expectation.We expect Great Wall’s 3Q24 earnings to be resilient and at a similar level as 2Q24. Although both Xpeng and NIO launched competitive new models in 3Q24, we do not expect their net losses to narrow QoQ as the increase in gross profits may not be able to cover the R&amp;D and SG&amp;A expenses growth.As valuation becomes less attractive now, we prefer automakers with more solid earnings, such as Geely and Li Auto. 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 - 3Q Earnings Preview: Leading Players to Beat

<ul><li>We summarize the Sep 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 Aug 2024 retail sales volume for each model, as Sep 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.3ppts MoM in Sep, based on our calculations, mainly driven by German and Chinese 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 Sep 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 Aug 2024 retail sales volume for each model, as Sep 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.3ppts MoM in Sep, based on our calculations, mainly driven by German and Chinese 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 - Stable Discounts Imply Resilient 3Q Earnings

<ul><li>We summarize the Sep 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 Sep 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 - Sep NEV Leading Indicators Set the Tone for 4Q

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)

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

Geely Auto (175 HK): Initiation: A Key Play on China EV and Global Expansion Theme

Geely Auto poised to outperform peers with focus on new EV brands, exports, making it a top play in context of our bullish view on Chinese OEMs'...

Raj S, CA, CFA

Auto - 3Q Earnings Preview: Leading Players to Beat

We expect 3Q24 earnings of some leading Chinese automakers including BYD, Geely and Li Auto to rise substantially from 2Q24, which could beat...

CMB International

Auto - Stable Discounts Imply Resilient 3Q Earnings

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

CMB International

Auto - Sep NEV Leading Indicators Set the Tone for 4Q

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

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

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

Geely Auto (175 HK): Initiation: A Key Play on China EV and Global Expansion Theme

​Geely Auto poised to outperform peers with focus on new EV brands, exports, making it a top play in context of our bullish view on Chinese OEMs'...

Raj S, CA, CFA

Auto - 3Q Earnings Preview: Leading Players to Beat

We expect 3Q24 earnings of some leading Chinese automakers including BYD, Geely and Li Auto to rise substantially from 2Q24, which could beat...

CMB International

Auto - Stable Discounts Imply Resilient 3Q Earnings

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

CMB International

Auto - Sep NEV Leading Indicators Set the Tone for 4Q

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

CMB International

Geely Auto poised to outperform peers with focus on new EV brands, exports, making it a top play in context of our bullish view on Chinese OEMs'...