【招银国际】May NEV likely to hit second highest in history.pdf

1Q23 results beat and gradual recovery is likely

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

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

–Business adjustment impact likely taking time to be digested

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

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

–Likely to be resilient and outperform in 2H23E