External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain BUY. We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net profit estimates by 5% to RMB7bn.</li><li>We believe that Zeekr could be undervalued given its solid sales momentum and possible earnings improvement from 2H24E.</li><li>1Q24 earnings slightly beat. Geely reported its quarterly results for the first time in history.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net profit estimates by 5% to RMB7bn.We believe that Zeekr could be undervalued given its solid sales momentum and possible earnings improvement from 2H24E.1Q24 earnings slightly beat. Geely reported its quarterly results for the first time in history.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - Solid 1Q24 with Better 2H24 Earnings Ahead

Thematic (Sector/Industry)

<ul><li>Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024 sales volumes on 1 Jul.</li><li>Total sales volume combined rose 42% YoY (ranging from - 22% to +739%) and 8% MoM (ranging from -13% to +51%).</li><li>The NEV trio slightly beat. Li Auto delivered about 48,000 units (+36% MoM) in Jun. The L6’s deliveries surpassed 20,000 units in Jun, in line with our prior forecast. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024 sales volumes on 1 Jul.Total sales volume combined rose 42% YoY (ranging from - 22% to +739%) and 8% MoM (ranging from -13% to +51%).The NEV trio slightly beat. Li Auto delivered about 48,000 units (+36% MoM) in Jun. The L6’s deliveries surpassed 20,000 units in Jun, in line with our prior forecast. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Six NEV Brands Hit a Record-High in Jun

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

<ul><li>Maintain BUY. We are of the view that Geely’s FY23 earnings quality was better than FY21-22.</li><li>We believe most of its businesses are poised to enjoy higher profits in FY24E.</li><li>Some investors may overlook Geely’s recent assets disposal to ease its lingering D&amp;A burden by leveraging its parent’s resources.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We are of the view that Geely’s FY23 earnings quality was better than FY21-22.We believe most of its businesses are poised to enjoy higher profits in FY24E.Some investors may overlook Geely’s recent assets disposal to ease its lingering D&amp;A burden by leveraging its parent’s resources.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) - Most Businesses Are Trending Up

<ul><li>We project Geely’s 2H23E net profit to double HoH to RMB3.2bn amid all-timehigh half-year sales volume and declining raw-material prices, probably higher than some investors’ expectation.</li><li>We also project Geely’s FY24E sales volume to rise 7% YoY to 1.8mn units, slightly lower than its target of 1.9mn units.</li><li>We estimate Geely’s net profit to rise 32% YoY to RMB6.2bn in FY24E, taking different factors into consideration as elaborated in details below.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We project Geely’s 2H23E net profit to double HoH to RMB3.2bn amid all-timehigh half-year sales volume and declining raw-material prices, probably higher than some investors’ expectation.We also project Geely’s FY24E sales volume to rise 7% YoY to 1.8mn units, slightly lower than its target of 1.9mn units.We estimate Geely’s net profit to rise 32% YoY to RMB6.2bn in FY24E, taking different factors into consideration as elaborated in details below.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geely Automobile (175 HK) – Expect 2H23E Net Profit to Double HoH

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

Geely Automobile (175 HK) - Solid 1Q24 with Better 2H24 Earnings Ahead

We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net...

CMB International

Auto - Six NEV Brands Hit a Record-High in Jun

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024...

CMB International

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.

Sumeet Singh

Geely Automobile (175 HK) – Expect 2H23E Net Profit to Double HoH

We project Geely’s 2H23E net profit to double HoH to RMB3.2bn amid all-timehigh half-year sales volume and declining raw-material prices, probably...

CMB International

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