–GPM pressure persists despite possible sales beat
–3Q23 earnings beat on strong operating leverage and business innovation
–1H24 results beat and a resilient strategy
May NEV retail share to hit 45%; NIO beat
1Q23E profit beat expectations; Multiple catalysts ahead
2Q24 beat on EV GPM and resilient core earnings; Reiterate BUY
1Q24 beat on strong margins; Positive on upbeat SU7 delivery target
1Q24 core earnings beat estimates; Shifted to profitable growth strategy
–A slight beat in 2Q23 but outlook is still fragile
–1H23 beat and promising outlook; Lift TP to HK$41.98