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

Equity Bottom-Up

<ul><li>Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus).</li><li>Looking into FY24E, we are positive on its resilient growth (forecasting revenue + 16% YoY), backed by workshop expansion, richer offerings, monetization diversification and technology enhancement.</li><li>Margin enhancement may continue, with deeper penetration of private label products, more favourable terms from suppliers and operating leverage. </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.

Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus).Looking into FY24E, we are positive on its resilient growth (forecasting revenue + 16% YoY), backed by workshop expansion, richer offerings, monetization diversification and technology enhancement.Margin enhancement may continue, with deeper penetration of private label products, more favourable terms from suppliers and operating leverage. 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.

Tuhu Car (9690 HK) - Solid FY23 with Better Profitability

<ul><li>As a leader in O2O auto service, Tuhu is expected to surf on the growing industry tailwinds, with in-depth control over workshops, franchisee-friendly ecosystem and strong supply chain.</li><li>We expect its rev to grow at 20% CAGR in FY23-25E, driven by stores expansion, higher efficiency, monetization diversification and technological enhancement.</li><li>Auto maintenance would be the key mid-term driver, while NEV initiatives and other services would unlock longer-term TAM.</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.

As a leader in O2O auto service, Tuhu is expected to surf on the growing industry tailwinds, with in-depth control over workshops, franchisee-friendly ecosystem and strong supply chain.We expect its rev to grow at 20% CAGR in FY23-25E, driven by stores expansion, higher efficiency, monetization diversification and technological enhancement.Auto maintenance would be the key mid-term driver, while NEV initiatives and other services would unlock longer-term TAM.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.

Tuhu Car (9690 HK)– A One-Stop Auto Service Ecosystem

China

TUHU Car Inc. offers automotive services. The Company develops leading integrated online and offline platform which provides automotive maintenance, repair, detailing, and more. TUHU Car provides its services throughout Hong Kong.

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Tuhu Car (9690 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

Tuhu Car (9690 HK) - Solid FY23 with Better Profitability

Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus).

CMB International

Tuhu Car (9690 HK)– A One-Stop Auto Service Ecosystem

As a leader in O2O auto service, Tuhu is expected to surf on the growing industry tailwinds, with in-depth control over workshops, franchisee...

CMB International

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