【招银国际】–Business adjustment impact likely taking time to be digested.pdf

4Q22E net profit likely to turn positive

Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD

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

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

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

1Q23 results beat and gradual recovery is likely

–Likely to be resilient and outperform in 2H23E

–Homegrown brands likely to narrow loss in 2H23

4Q earnings beat; likely another year of solid earnings growth ahead

This is likely a rocky-road turnaround