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>Eight new-energy vehicle (NEV) brands including NIO, Xpeng, Li Auto, Zeekr, Aion, AITO, Neta and Leap reported their Aug 2022 sales volumes on 1 Sep 2022.</li><li>Sales volume of the eight brands combined rose 117% YoY (ranged from -52% to +193%) and 2% MoM (ranged from -56% to +43%).</li><li>NIO leads among NEV trio. NIO was the only automaker among the NEV trio with MoM growth in sales volume, which is consistent with our prior argument that NIO should have the best sequential growth in sales volume among the NEV trio in 3Q22. We estimate the ET7 has about 4-5 months of order backlog.</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>

Eight new-energy vehicle (NEV) brands including NIO, Xpeng, Li Auto, Zeekr, Aion, AITO, Neta and Leap reported their Aug 2022 sales volumes on 1 Sep 2022.Sales volume of the eight brands combined rose 117% YoY (ranged from -52% to +193%) and 2% MoM (ranged from -56% to +43%).NIO leads among NEV trio. NIO was the only automaker among the NEV trio with MoM growth in sales volume, which is consistent with our prior argument that NIO should have the best sequential growth in sales volume among the NEV trio in 3Q22. We estimate the ET7 has about 4-5 months of order backlog.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 – Aug NEV: All-time high sales for tier-2 brands

Equity Bottom-Up

<ul><li>Maintain BUY. Li Auto’s 1Q25 net profit was in line with our forecast, while its cost reduction efforts still exceeded our expectation.</li><li>We believe such capabilities are to be the foundation for its FY25E earnings resilience, although we have lowered our full-year sales volume forecast.</li><li>We are still more positive than the market about Li Auto’s upcoming BEVs, especially with the facelifted Mega being better received by customers.</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. Li Auto’s 1Q25 net profit was in line with our forecast, while its cost reduction efforts still exceeded our expectation.We believe such capabilities are to be the foundation for its FY25E earnings resilience, although we have lowered our full-year sales volume forecast.We are still more positive than the market about Li Auto’s upcoming BEVs, especially with the facelifted Mega being better received by customers.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) - Facelifted Mega Offers More Confidence in BEVs

<ul><li>Maintain BUY. We view Li Auto’s 3Q24 earnings as strong from average selling price, gross margin and operating cost control aspects.</li><li>The drag mainly came from share-based payment and fair value loss from its investee’s share price decline.</li><li>Although the information about its new BEVs in 2025 is very limited, we believe that the company has been building a solid foundation, including comprehensive charging infrastructure, larger showrooms and rapidly improving autonomous driving technologies, for new BEVs, especially after the failure of the Mega. </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 view Li Auto’s 3Q24 earnings as strong from average selling price, gross margin and operating cost control aspects.The drag mainly came from share-based payment and fair value loss from its investee’s share price decline.Although the information about its new BEVs in 2025 is very limited, we believe that the company has been building a solid foundation, including comprehensive charging infrastructure, larger showrooms and rapidly improving autonomous driving technologies, for new BEVs, especially after the failure of the Mega. 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) - Solid Earnings, Thorough Preparation Pave Way for FY25

<ul><li>Li Auto’s 2Q24 operating expenses beat our forecast and such cost control could extend into 2H24.</li><li>We are of the view that Li Auto has made a comeback on sales volume with resilient pricing and margins.</li><li>Although some investors may wait for more details of its new BEVs, we think it could be oversold now.</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>

Li Auto’s 2Q24 operating expenses beat our forecast and such cost control could extend into 2H24.We are of the view that Li Auto has made a comeback on sales volume with resilient pricing and margins.Although some investors may wait for more details of its new BEVs, we think it could be oversold now.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) - Proven Resilience Gives Us Confidence in BEVs

<ul><li>We are of the view that Li Auto has lowered priority for its FY24E profitability and the sell-off after the 1Q24 earnings call has largely priced in such management mentality.</li><li>We believe the key lies in its new BEV strategy, EREV sales recovery in 2H24 and FY25 sales growth with BEVs being postponed.</li><li>1Q24 GP in line; R&amp;D and SG&amp;A dragged NP. Li Auto’s 1Q24 revenue was about 3% higher than our prior forecast, largely due to its other sales and services.</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>

We are of the view that Li Auto has lowered priority for its FY24E profitability and the sell-off after the 1Q24 earnings call has largely priced in such management mentality.We believe the key lies in its new BEV strategy, EREV sales recovery in 2H24 and FY25 sales growth with BEVs being postponed.1Q24 GP in line; R&amp;D and SG&amp;A dragged NP. Li Auto’s 1Q24 revenue was about 3% higher than our prior forecast, largely due to its other sales and services.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) - Is the Mega Lesson Worthwhile?

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

China Auto Sector – Aug NEV: All-time high sales for tier-2 brands

Sales volume of the eight brands combined rose 117% YoY (ranged from -52% to +193%) and 2% MoM (ranged from -56% to +43%).

CMB International

Li Auto Inc. (LI US/2015 HK) - Facelifted Mega Offers More Confidence in BEVs

Maintain BUY. Li Auto’s 1Q25 net profit was in line with our forecast, while its cost reduction efforts still exceeded our expectation.

CMB International

Li Auto Inc. (LI US) - Solid Earnings, Thorough Preparation Pave Way for FY25

Maintain BUY. We view Li Auto’s 3Q24 earnings as strong from average selling price, gross margin and operating cost control aspects.

CMB International

Li Auto Inc. (LI US) - Proven Resilience Gives Us Confidence in BEVs

Li Auto’s 2Q24 operating expenses beat our forecast and such cost control could extend into 2H24. We are of the view that Li Auto has made a...

CMB International

Li Auto Inc. (LI US) - Is the Mega Lesson Worthwhile?

We are of the view that Li Auto has lowered priority for its FY24E profitability and the sell-off after the 1Q24 earnings call has largely priced...

CMB International

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