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

–Likely to be resilient and outperform in 2H23E

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

4Q22E net profit likely to turn positive

–Homegrown brands likely to narrow loss in 2H23

May NEV likely to hit second highest in history

This is likely a rocky-road turnaround

1Q23 results beat and gradual recovery is likely

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

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

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated