FY22 results below; GPM recovery on better product mix
Solid 1H24 earnings, better NEV outlook
Better profits achieved across 3 business lines
–Better-than-feared 3Q results
1Q23 beat on better GPM; Maintain HOLD on fair valuation
FY22 net margins better than expected
拜登《Build Back Better》法案有望加速落地,美国电车市场或将爆发
Distributor’s Jan sales flat yoy; we believe market performed better
Leveraging Trade for More and Better Jobs
1H24 earnings down 27% YoY below our expectation; expect a better 2H24E