【招银国际】 1Q23 results beat and gradual recovery is likely.pdf

4Q22 beat; FY23E margins likely overestimated

Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD

China Auto Sector – Jan NEV likely in line or slightly miss; Li Auto beat

PHEVs key to FY24; Earnings likely still resilient

Operational challenges remain; but China regulatory risk to sentiment likely settled

Operational challenges remain; but China regulatory risk to sentiment likely settled

May NEV likely to hit second highest in history

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

This is likely a rocky-road turnaround

The Digital Inclusion Outlook: What It Looks Like and Where It’s Lacking