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 project Geely’s net profit in 2H22E to rise 95% HoH to RMB 3.0bn.</li><li>We estimate Geely’s FY23E net profit to rise 21% YoY to RMB 5.5bn under our assumption of 1.53mn units (vs. the company’s target of 1.65mn units).</li><li>We also forecast Geely’s new-energy vehicle’s (NEV) sales volume to surge 74% YoY in FY23E, which could be a positive catalyst for its share price.</li></ul><p><em>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.</em></p>

Maintain BUY. We project Geely’s net profit in 2H22E to rise 95% HoH to RMB 3.0bn.We estimate Geely’s FY23E net profit to rise 21% YoY to RMB 5.5bn under our assumption of 1.53mn units (vs. the company’s target of 1.65mn units).We also forecast Geely’s new-energy vehicle’s (NEV) sales volume to surge 74% YoY in FY23E, which could be a positive catalyst for its share price.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) – 2H22E net profit to almost double HoH

<ul><li>Upgrade to BUY. We upgrade Geely Automobile to BUY from Hold as we see progressive improvement at Zeekr and more PHEV model rollouts next year, which could boost its NEV sales to about 40% of total sales volume in FY23, on our estimates.</li><li>We value Zeekr slightly higher than Xpeng’s current market cap and Geely’s other businesses at 15x our FY23E P/E.</li><li>Zeekr is likely to end the year of 2022 with its sales target of 70,000 units achieved, which exceeds many investors’ initial expectation.</li></ul><p><em>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.</em></p>

Upgrade to BUY. We upgrade Geely Automobile to BUY from Hold as we see progressive improvement at Zeekr and more PHEV model rollouts next year, which could boost its NEV sales to about 40% of total sales volume in FY23, on our estimates.We value Zeekr slightly higher than Xpeng’s current market cap and Geely’s other businesses at 15x our FY23E P/E.Zeekr is likely to end the year of 2022 with its sales target of 70,000 units achieved, which exceeds many investors’ initial expectation.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) – PHEV could be a positive surprise in FY23

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li><p>Yuan / In Depth: Yuan gets more international love as dollar rivalry grows</p></li><li><p>China-Vietnam / Xi pledges supply chain stability with Vietnam</p></li><li><p>PMI / China’s manufacturing contracts for third straight month, Caixin PMI shows　</p></li></ul>

Yuan / In Depth: Yuan gets more international love as dollar rivalry growsChina-Vietnam / Xi pledges supply chain stability with VietnamPMI / China’s manufacturing contracts for third straight month, Caixin PMI shows　

CX Daily: Yuan Gets More International Love As Dollar Rivalry Grows

Thematic (Sector/Industry)

<div><div><div><div><ul><li>China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior forecast.</li><li>Wholesale volume surged 33% YoY to 2.33mn units, 8% higher than our prior projection due to more inventories pushed to dealers than expected.</li><li>Almost 260,000 units of inventories were added into dealers in Sep 2022, the most in any Sep in history. </li></ul></div></div></div></div><p><em>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.</em></p>

China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior forecast.Wholesale volume surged 33% YoY to 2.33mn units, 8% higher than our prior projection due to more inventories pushed to dealers than expected.Almost 260,000 units of inventories were added into dealers in Sep 2022, the most in any Sep 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.

China Auto Sector – 2H22E likely beat; FY23E consensus overstated

<ul><li>NIO, Xpeng miss, Li L9 exceeded 10,000 units. Both NIO and Xpeng just hit the lower bound of their 3Q22 sales guidance.</li><li>NIO’s Sep sales volume was about 1,000 units lower than our prior estimates due to sequentially declining sales volume for the ET7.</li><li>We suspect NIO’s supply chain issue is still lingering given ET7’s sufficient order backlog.</li></ul><p><em>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.</em></p>

NIO, Xpeng miss, Li L9 exceeded 10,000 units. Both NIO and Xpeng just hit the lower bound of their 3Q22 sales guidance.NIO’s Sep sales volume was about 1,000 units lower than our prior estimates due to sequentially declining sales volume for the ET7.We suspect NIO’s supply chain issue is still lingering given ET7’s sufficient order backlog.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.

China Auto Sector – Set for NEV new-high sales in Sep and 4Q22

Hong Kong

Yadea Group is a leading electric two wheeler brand in China. The company produces electric bikes and scooters.

Brilliance China Automotive Holdings Limited, through its subsidiaries, manufactures and distributes minibuses and sedans in the People's Republic of China.  The Company also manufactures and trades automotive components.

Qingling Motors Company Limited produces and sells Isuzu light duty trucks, pickup trucks, multi-purpose sport vehicles, heavy-duty trucks, other vehicles, and automobile parts and accessories.

Vietnam Manufacturing and Export Processing (Holdings) Limited manufactures scooter and cub motorbikes.  The Company produces motorbike engines and parts for use in its own motorbikes and for sale, and also sells and services moulds for making die-cast and forged metal parts.

Vietnam Manufacturing and Export Processing (422 HK)

Vietnam Manufacturing and Export Processing

Hybrid Kinetic Group Ltd. seeks to develop and manufacture hybrid vehicles. The Company's initial targeted production is targeted for 2012.

New Focus Auto Tech Holdings Ltd is an automobile after-sales service provider in the Greater China region. The Company provides car-washing services, high-end detailing and tinting, basic maintenances, modifications, accessory sales, and body repair. New Focus Auto also manufactures and distributes auto ancillary products in North America, Europe, and other Asian countries.

New Focus Auto Tech Holdings Ltd (360 HK)

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

Chow Tai Fook Jewellery Group Limited retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

Bosideng International Holdings Limited develops down apparel products in the Peoples Republic of China. The Company's products include down jackets, vests, and pants which it offers through retail outlets located in multiple cities.

Bosideng International Holdings (3998 HK)

L'Occitane International S.A. is a global, natural and organic ingredient based cosmetics and well-being products enterprise.  The Company designs, manufactures and markets a wide range of cosmetics and well-being products based on natural and organic ingredients sourced principally from or near Provence.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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) – 2H22E net profit to almost double HoH

We estimate Geely’s FY23E net profit to rise 21% YoY to RMB 5.5bn under our assumption of 1.53mn units (vs. the company’s target of 1.65mn units).

CMB International

Geely Automobile (175 HK) – PHEV could be a positive surprise in FY23

Upgrade to BUY. We upgrade Geely Automobile to BUY from Hold as we see progressive improvement at Zeekr and more PHEV model rollouts next year...

CMB International

CX Daily: Yuan Gets More International Love As Dollar Rivalry Grows

In Depth: Yuan gets more international love as dollar rivalry grows. Xi pledges supply chain stability with Vietnam. China’s manufacturing...

Caixin Global

China Auto Sector – 2H22E likely beat; FY23E consensus overstated

China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior...

CMB International

China Auto Sector – Set for NEV new-high sales in Sep and 4Q22

NIO’s Sep sales volume was about 1,000 units lower than our prior estimates due to sequentially declining sales volume for the ET7.

CMB International

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