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 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

<ul><li>We summarize the Aug 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 Aug 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 - Aug Leading Indicators May Imply a Solid Sep

<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

Guangzhou Automobile Group / Equity Bottom-Up

<ul><li>We are of the view that the positive side of GAC’s 2Q24 earnings miss is that the company has started reform to increase synergies between different brands and cope with fast-changing market dynamics, including accelerating the launch of EREVs and PHEVs for Aion and Trumpchi, closer collaboration with Huawei to roll out competitive models.</li><li>These could lay a foundation for GAC to regain traction.</li><li>2Q24 earnings miss on both homegrown brands and JVs. GAC’s 2Q24 revenue fell 30% YoY on lower average selling price (ASP) and sales volume.</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 the positive side of GAC’s 2Q24 earnings miss is that the company has started reform to increase synergies between different brands and cope with fast-changing market dynamics, including accelerating the launch of EREVs and PHEVs for Aion and Trumpchi, closer collaboration with Huawei to roll out competitive models.These could lay a foundation for GAC to regain traction.2Q24 earnings miss on both homegrown brands and JVs. GAC’s 2Q24 revenue fell 30% YoY on lower average selling price (ASP) and sales volume.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.

GAC Group (2238 HK) - More EREVs, Tech Partnership to Revive Sales

China

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Guangzhou Automobile Group (2238 HK)

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

Auto - Aug Leading Indicators May Imply a Solid Sep

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

CMB International

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

GAC Group (2238 HK) - More EREVs, Tech Partnership to Revive Sales

GAC’s 2Q24 net profit of RMB300mn was only RMB130mn lower than our estimates due to the fair value gain of RMB1.1bn from Chenqi Tech’s (9680 HK,...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)