【招银国际】 1Q23 earnings miss on gross margin.pdf

–Earnings in-line; Mgmt. changes imply a new round of expansion

China Auto Sector–Oct discounts widened after 3Q23 earnings beat

10% earnings upside in FY24/25E; Reit

After-sales as earnings driver amid low valuation

Improved earnings visibility favours re-rating

Earnings recovery underway

Earnings outlook to mildly improve

2Q24 beat on EV GPM and resilient core earnings; Reiterate BUY

–1H23 earnings beat with surprise in dividend

–Consumer wallet share gain strategy boosted revenue and earnings growth