【招银国际】This is likely a rocky-road turnaround.pdf

–Homegrown brands likely to narrow loss in 2H23

May NEV likely to hit second highest in history

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

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

Attractive valuation with likely resilient earnings

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

4Q22 beat; FY23E margins likely overestimated

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

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

PHEVs key to FY24; Earnings likely still resilient