China Auto Sector – Jan NEV likely in line or slightly miss; Li Auto beat
Strong core music business supports 1Q23 earnings beat
1Q24 beat on strong music business growth and GPM expansion
5-1 sales beat but competition intensified
3QFY23 margin beat on cost control; Upgrade to BUY
–GPM pressure persists despite possible sales beat
4Q22 beat; FY23E margins likely overestimated
May NEV retail share to hit 45%; NIO beat
1Q24 beat on strong margins; Positive on upbeat SU7 delivery target
China Sportswear Sector – 5-1 sales beat but competition intensified