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

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

PHEVs key to FY24; Earnings likely still resilient

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

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

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

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

Attractive valuation with likely resilient earnings

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

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