【招银国际】More visible path to achieve profitability; U/G to BUY.pdf

Serviced counters as a profitability lever in grocery retail

1H23E preview： Expect profit decline on weak coal price

Still no sign of turning profitable

3Q24 NEV sales and profits pave way for FY25

–Profit turnaround in 1H23

–Little sign of profit turnaround after 2Q23 miss

Profit alert roughly in-line

1H24 profit alert points to solid 2Q results

Net profit 1H24 +2.7x YoY, beat expectations

Surging PHEV sales at cost of FY23E net profit