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

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

May NEV likely to hit second highest in history

This is likely a rocky-road turnaround

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

Li Auto Inc. (LI US) 4Q22E net profit likely to turn positive

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

–Likely to be resilient and outperform in 2H23E

4Q22E net profit likely to turn positive

–Homegrown brands likely to narrow loss in 2H23

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