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

Eva Precision Industrial Holdings / Equity Bottom-Up

<ul><li>We believe that EVA’s auto parts business is on track to transform into a tier-1 supplier with more orders from OEMs to lift FY25E revenue, based on our recent meeting with management.</li><li>Although we cut our FY24E revenue and NP by 3% and 9%, respectively, amid its cautious approach to maintain GPM, we see higher earnings visibility in FY25E.</li><li>We estimate its dividend yield to be 7% now.</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 believe that EVA’s auto parts business is on track to transform into a tier-1 supplier with more orders from OEMs to lift FY25E revenue, based on our recent meeting with management.Although we cut our FY24E revenue and NP by 3% and 9%, respectively, amid its cautious approach to maintain GPM, we see higher earnings visibility in FY25E.We estimate its dividend yield to be 7% now.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.

EVA Holdings (838 HK) - On track to tier-1 supplier transformation

<ul><li>Maintain BUY. We are of the view that EVA Holdings (EVA)’s transformation from a tier-2 parts supplier to a tier-1 player lays a foundation for the growth in the next few years, based on our recent meetings with EVA’s management.</li><li>It also appears to us that EVA’s office automation (OA) business could sustain its solid gross margin in FY24E given its growth in Weihai and recovery in Vietnam.</li><li>On track to a tier-1 parts supplier with new hot forming business.</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 EVA Holdings (EVA)’s transformation from a tier-2 parts supplier to a tier-1 player lays a foundation for the growth in the next few years, based on our recent meetings with EVA’s management.It also appears to us that EVA’s office automation (OA) business could sustain its solid gross margin in FY24E given its growth in Weihai and recovery in Vietnam.On track to a tier-1 parts supplier with new hot forming business.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.

EVA Holdings (838 HK) - In a Transition from Tier-2 to Tier-1 Supplier

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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.

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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 – Mixed picture ahead as inventory risk lingers

<ul><li>We expect 3Q24 earnings of some leading Chinese automakers including BYD, Geely and Li Auto to rise substantially from 2Q24, which could beat investors’ expectation.</li><li>We expect Great Wall’s 3Q24 earnings to be resilient and at a similar level as 2Q24. Although both Xpeng and NIO launched competitive new models in 3Q24, we do not expect their net losses to narrow QoQ as the increase in gross profits may not be able to cover the R&amp;D and SG&amp;A expenses growth.</li><li>As valuation becomes less attractive now, we prefer automakers with more solid earnings, such as Geely and Li Auto. </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 expect 3Q24 earnings of some leading Chinese automakers including BYD, Geely and Li Auto to rise substantially from 2Q24, which could beat investors’ expectation.We expect Great Wall’s 3Q24 earnings to be resilient and at a similar level as 2Q24. Although both Xpeng and NIO launched competitive new models in 3Q24, we do not expect their net losses to narrow QoQ as the increase in gross profits may not be able to cover the R&amp;D and SG&amp;A expenses growth.As valuation becomes less attractive now, we prefer automakers with more solid earnings, such as Geely and Li Auto. 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 - 3Q Earnings Preview: Leading Players to Beat

<ul><li>We summarize the Sep 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Aug 2024 retail sales volume for each model, as Sep 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.3ppts MoM in Sep, based on our calculations, mainly driven by German and Chinese brands. </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 summarize the Sep 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Aug 2024 retail sales volume for each model, as Sep 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.3ppts MoM in Sep, based on our calculations, mainly driven by German and Chinese brands. 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 - Stable Discounts Imply Resilient 3Q Earnings

Hong Kong

EVA Precision Industrial Holdings Limited, through its subsidiaries, designs and fabricates metal stamping moulds, manufactures metal stamping components, and provides assembly services in the Peoples Republic of China.

Eva Precision Industrial Holdings (838 HK)

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Eva Precision Industrial Holdings (838 HK)

EVA Holdings (838 HK) - On track to tier-1 supplier transformation

We believe that EVA’s auto parts business is on track to transform into a tier-1 supplier with more orders from OEMs to lift FY25E revenue, based...

CMB International

EVA Holdings (838 HK) - In a Transition from Tier-2 to Tier-1 Supplier

We are of the view that EVA Holdings (EVA)’s transformation from a tier-2 parts supplier to a tier-1 player lays a foundation for the growth in the...

CMB International

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

Auto - 3Q Earnings Preview: Leading Players to Beat

We expect 3Q24 earnings of some leading Chinese automakers including BYD, Geely and Li Auto to rise substantially from 2Q24, which could beat...

CMB International

Auto - Stable Discounts Imply Resilient 3Q Earnings

We summarize the Sep 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)