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)

<div><div><div><div><ul><li>China’s passenger-vehicle (PV) wholesale volume surged 37% YoY to 2.13mn units in Aug 2022, 1% higher than our prior projection.</li><li>Similar to Jul 2022, that figure made the best Aug wholesale volume in history and 13% higher than the second-best Aug sales occurred in 2017.</li><li>Retail sales volume, based on insurance data, rose 18% YoY to 1.89mn units, 2% lower than our prior forecast.</li></ul></div></div></div></div><p><em>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.</em></p>

China’s passenger-vehicle (PV) wholesale volume surged 37% YoY to 2.13mn units in Aug 2022, 1% higher than our prior projection.Similar to Jul 2022, that figure made the best Aug wholesale volume in history and 13% higher than the second-best Aug sales occurred in 2017.Retail sales volume, based on insurance data, rose 18% YoY to 1.89mn units, 2% lower than our prior forecast.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 – What we worried earlier is partially priced in now

Equity Bottom-Up

<ul><li>Maintain BUY. We are of the view that management is likely to prioritize sales volume over margins for the upcoming i6 following its weak sales in recent months.</li><li>We expect aggressive pricing to help Li Auto regain sales traction.</li><li>Moreover, management has also decided to shorten the model cycle from FY26E. Both could be positive catalysts for its share price, in our view.</li></ul><p><em>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.</em></p>

Maintain BUY. We are of the view that management is likely to prioritize sales volume over margins for the upcoming i6 following its weak sales in recent months.We expect aggressive pricing to help Li Auto regain sales traction.Moreover, management has also decided to shorten the model cycle from FY26E. Both could be positive catalysts for its share price, in our view.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.

Li Auto Inc. (LI US/2015 HK) - More Aggressive Pricing, Shorter Model Cycle to Regain Sales Traction

<ul><li>Maintain BUY. Li Auto’s 4Q24 NP beat underscored its superb cost control capabilities, which could make its profits more resilient in a more competitive 2025.</li><li>We are of the view that FY25 picture is a bit mixed for Li Auto given the rising competition.</li><li>We are less worried than the market about the sales cannibalization from BEVs, given Li Auto’s superb product positioning in the past. <em>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.</em></li></ul>

Maintain BUY. Li Auto’s 4Q24 NP beat underscored its superb cost control capabilities, which could make its profits more resilient in a more competitive 2025.We are of the view that FY25 picture is a bit mixed for Li Auto given the rising competition.We are less worried than the market about the sales cannibalization from BEVs, given Li Auto’s superb product positioning in the past. 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.

Li Auto Inc. (LI US/2015 HK) - Cost Control, AI as Keys to FY25 Profits, Valuation

China

Li Auto Inc. designs, develops, manufactures, and sells premium smart electric vehicles, including extended-range electric vehicles (EREVs) and battery electric vehicles (BEVs). Their product line includes multi-purpose vehicles (MPVs) and sport utility vehicles (SUVs). The company was founded in 2015 and is headquartered in Beijing, China.

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Li Auto (2015 HK)

China Auto Sector – What we worried earlier is partially priced in now

Similar to Jul 2022, that figure made the best Aug wholesale volume in history and 13% higher than the second-best Aug sales occurred in 2017.

CMB International

Li Auto Inc. (LI US/2015 HK) - More Aggressive Pricing, Shorter Model Cycle to Regain Sales Traction

Maintain BUY. We are of the view that management is likely to prioritize sales volume over margins for the upcoming i6 following its weak sales in...

CMB International

Li Auto Inc. (LI US/2015 HK) - Cost Control, AI as Keys to FY25 Profits, Valuation

Maintain BUY. Li Auto’s 4Q24 NP beat underscored its superb cost control capabilities, which could make its profits more resilient in a more...

CMB International

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