【招银国际】Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD.pdf

Attractive valuation with likely resilient earnings

–Likely to be resilient and outperform in 2H23E

4Q earnings beat; likely another year of solid earnings growth ahead

China Auto Sector – May NEV likely to hit second highest in history

–Homegrown brands likely to narrow loss in 2H23

–Business adjustment impact likely taking time to be digested

4Q22E net profit likely to turn positive

China Sportswear Sector - Singles Day sales likely good but companies remain cautious

China Heavy-duty Truck: Expansion of gas/diesel price spread likely to boost natural gas HDT sales in the near term

1Q23 results beat and gradual recovery is likely