【招银国际】- 进入 2H23E 加速度.pdf

–Likely to be resilient and outperform in 2H23E

1H23 结果如下 ； 预计在 2H23E 后装

Moving into mild recovery in 2H23E

–New-car GPM may bottom out in 2H23E

–Recovery to expedite in 2H23E

Positive on shipment recovery and capacity expansion in 2H23E

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

单季度业绩环比改善，2H23E新车型周期蓄势待发

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E

1H23 Preview: expect weakness in-line; Back-end loaded in 2H23E