【招银国际】Sales exceeding expectations and achieving non-GAAP profitability.pdf

CoR sequentially improved turning to positive 2Q net profit growth; first interim dividend in place

4Q22E net profit likely to turn positive

Still no sign of turning profitable

More visible path to achieve profitability; U/G to BUY

1Q23E profit beat expectations; Multiple catalysts ahead

Positive profit alert alleviates GPM concerns; Upgrade to BUY

–Profit turnaround in 1H23

3Q24 NEV sales and profits pave way for FY25

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

Record high quarterly profit in 2Q23E