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 Apr 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 Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to German and Japanese 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 Apr 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 Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to German and Japanese 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 - OEMs’ Different Strategies Amid Higher Discount

<ul><li>We summarize the Apr 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 Apr 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 - Leading Indicators, Policy Imply a Strong May

<ul><li>We summarize the Mar 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 Feb 2024 retail sales volume for each model, as Mar 2024 retail sales volume data have not been released yet.</li><li>On the surface, the industrywide average discounts remained flat MoM in Mar 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 Mar 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 Feb 2024 retail sales volume for each model, as Mar 2024 retail sales volume data have not been released yet.On the surface, the industrywide average discounts remained flat MoM in Mar 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 - New models with lower MSRPs made discounts artificially stable

Equity Bottom-Up

<ul><li>Maintain HOLD. NIO’s all-time high R&amp;D and SG&amp;A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control costs.</li><li>The cash burn from CYVN’s capital injection may last shorter than we expected before. We see no sign or persuasive strategies to turn profitable from the earnings call.</li><li>We believe management’s guidance for FY24E GPM could be too optimistic.</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.

Maintain HOLD. NIO’s all-time high R&amp;D and SG&amp;A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control costs.The cash burn from CYVN’s capital injection may last shorter than we expected before. We see no sign or persuasive strategies to turn profitable from the earnings call.We believe management’s guidance for FY24E GPM could be too optimistic.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.

NIO Inc. (NIO US) - Cash Burn Speeds up with Capital Injection

<ul><li>We summarize the Feb 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 Jan 2023 retail sales volume for each model, as Feb 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts remained largely flat MoM in Feb 2024, partially due to the Chinese New Year (CNY). </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 Feb 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 Jan 2023 retail sales volume for each model, as Feb 2024 retail sales volume data have not been released yet.The industrywide average discounts remained largely flat MoM in Feb 2024, partially due to the Chinese New Year (CNY). 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 - Competition is stiffer than what discounts show

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

Auto - OEMs’ Different Strategies Amid Higher Discount

Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model

CMB International

Auto - Leading Indicators, Policy Imply a Strong May

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

CMB International

Auto - New models with lower MSRPs made discounts artificially stable

Note that such discounts for each automaker are calculated based on the weighted average of Feb 2024 retail sales volume for each model

CMB International

NIO Inc. (NIO US) - Cash Burn Speeds up with Capital Injection

Maintain HOLD. NIO’s all-time high R&D and SG&A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control...

CMB International

Auto - Competition is stiffer than what discounts show

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

CMB International

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