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

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

–Business adjustment impact likely taking time to be digested

4Q22 beat; FY23E margins likely overestimated

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

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

Attractive valuation with likely resilient earnings

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

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