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

This is likely a rocky-road turnaround

May NEV likely to hit second highest in history

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

Attractive valuation with likely resilient earnings

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

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

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

4Q22 beat; FY23E margins likely overestimated

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

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