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. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue.</li><li>All eyes should be on its first Galaxy Series model, the L7 PHEV in 2Q23.</li><li>We expect Geely to have learnt hard lessons from the failure of the Emgrand L PHEV and prioritize market share over profitability, in a bid to compete with BYD.</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. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue.All eyes should be on its first Galaxy Series model, the L7 PHEV in 2Q23.We expect Geely to have learnt hard lessons from the failure of the Emgrand L PHEV and prioritize market share over profitability, in a bid to compete with BYD.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) – FY22 core earnings miss; PHEV still the key

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.</li><li>Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.</li><li>PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 2023. </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 rose 11% YoY in Feb 2023, 4% lower than our prior forecast.Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 2023. 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 – A trough in the short term?

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 43% YoY in Jan 2023, in line with our prior forecast of 44% YoY decline.</li><li>Wholesale volume fell 33% YoY last month, 30% stronger than our prior projection, largely due to much weaker than-expected inventory destocking and higher export volume.</li><li>PV exports only fell 9% MoM to about 250,000 units in Jan 2023. Automakers only cut about 26,000 units of inventories in their dealers’ showrooms in Jan 2023 based on our calculations, despite early Chinese New Year, which has led to more than two months of inventories based on our projected retail sales volume for Feb and Mar 2023. I</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 43% YoY in Jan 2023, in line with our prior forecast of 44% YoY decline.Wholesale volume fell 33% YoY last month, 30% stronger than our prior projection, largely due to much weaker than-expected inventory destocking and higher export volume.PV exports only fell 9% MoM to about 250,000 units in Jan 2023. Automakers only cut about 26,000 units of inventories in their dealers’ showrooms in Jan 2023 based on our calculations, despite early Chinese New Year, which has led to more than two months of inventories based on our projected retail sales volume for Feb and Mar 2023. IContent 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 – Inventory risk could lead to a bumpy recovery

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>European Parliament has approved the law to effectively ban the sale of new petrol and diesel cars and vans in EU from 2035, aiming to speed up the switch to EV and combat climate change.</li><li>The law has been drafted and agreed by EU countries last October and finally legislated on 14 Feb 2022.</li><li>EU targets to reduce 100% CO2 emission produced by new cars and vans in 2035 with an intermediate goal of 55% for cars and 50% for vans in 2030.</li></ul>

European Parliament has approved the law to effectively ban the sale of new petrol and diesel cars and vans in EU from 2035, aiming to speed up the switch to EV and combat climate change.The law has been drafted and agreed by EU countries last October and finally legislated on 14 Feb 2022.EU targets to reduce 100% CO2 emission produced by new cars and vans in 2035 with an intermediate goal of 55% for cars and 50% for vans in 2030.

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>China’s Charity Law revision aims to make it easier for NGOs to get involved</li><li>Experts quash fears of greater chance of China quake after Turkey</li><li>China’s local governments go on hiring spree to spur growth</li></ul>

China’s Charity Law revision aims to make it easier for NGOs to get involvedExperts quash fears of greater chance of China quake after TurkeyChina’s local governments go on hiring spree to spur growth

CX Daily: China’s Charity Law Revision Aims to Make It Easier for NGOs to Get Involved

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) – FY22 core earnings miss; PHEV still the key

Maintain BUY. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue. All eyes should be on its first Galaxy...

CMB International

China Auto Sector – A trough in the short term?

Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export...

CMB International

China Auto Sector – Inventory risk could lead to a bumpy recovery

Wholesale volume fell 33% YoY last month, 30% stronger than our prior projection, largely due to much weaker than-expected inventory destocking and...

CMB International

Tactical Trade Idea – Auto Sector

EU zero-emission target by 2035 may place Chinese carmakers on the fast track. The law has been drafted and agreed by EU countries last October and...

Quam Securities

CX Daily: China’s Charity Law Revision Aims to Make It Easier for NGOs to Get Involved

China’s Charity Law revision aims to make it easier for NGOs to get involved. Experts quash fears of greater chance of China quake after Turkey

Caixin Global

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