【招银国际】 4Q22E net profit likely to turn positive.pdf

–Likely to be resilient and outperform in 2H23E

–Homegrown brands likely to narrow loss in 2H23

May NEV likely to hit second highest in history

This is likely a rocky-road turnaround

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

Li Auto Inc. (LI US) 4Q22E net profit likely to turn positive

1Q23 results beat and gradual recovery is likely

China Auto Sector – May NEV likely to hit second highest in history

Attractive valuation with likely resilient earnings

China Auto Sector – Jan NEV likely in line or slightly miss; Li Auto beat