【招银国际】PHEVs key to FY24; Earnings likely still resilient.pdf

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

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

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

1Q23 results beat and gradual recovery is likely

This is likely a rocky-road turnaround

May NEV likely to hit second highest in history

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

4Q22E net profit likely to turn positive

–Homegrown brands likely to narrow loss in 2H23

–Likely to be resilient and outperform in 2H23E