【招银国际】3Q24 earnings below expectations due to margin contraction.pdf

China Auto Sector–Oct discounts widened after 3Q23 earnings beat

10% earnings upside in FY24/25E; Reit

–Earnings in-line; Mgmt. changes imply a new round of expansion

Improved earnings visibility favours re-rating

After-sales as earnings driver amid low valuation

Earnings outlook to mildly improve

Earnings hurt by industry cycle; Parentco’s revival offers revaluation chance; Maintain BUY

Earnings recovery underway

2Q24 beat on EV GPM and resilient core earnings; Reiterate BUY

–1H23 earnings beat with surprise in dividend