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.

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast, driving the 1H23 retail sales volume 5% higher than a year ago.</li><li>Wholesale volume rose 2% YoY and 11% MoM to 2.27mn units in Jun 2023, the highest Jun in history, and 9% higher than our prior forecast.</li><li>Wholesale volume rose 9% YoY (or +0.41mn units YoY) in 1H23, aided by 88% YoY growth (or +0.83mn units YoY) of exports.</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 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast, driving the 1H23 retail sales volume 5% higher than a year ago.Wholesale volume rose 2% YoY and 11% MoM to 2.27mn units in Jun 2023, the highest Jun in history, and 9% higher than our prior forecast.Wholesale volume rose 9% YoY (or +0.41mn units YoY) in 1H23, aided by 88% YoY growth (or +0.83mn units YoY) of exports.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 – Strong June provides more confidence for 2H23

<ul><li>We summarize the Jun 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on weighted average of May 2023 retail sales volume for each model, as Jun retail sales volume data have not been released yet.</li><li>Most automakers’ discounts widened MoM in Jun 2023 to rush for 1H23 targets and cut inventories, 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.

We summarize the Jun 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on weighted average of May 2023 retail sales volume for each model, as Jun retail sales volume data have not been released yet.Most automakers’ discounts widened MoM in Jun 2023 to rush for 1H23 targets and cut inventories, 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 – When will discounts peak after rising for 8 months

<ul><li>Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on 1 Jun 2023.</li><li>Sales volume of the nine brands combined rose 88% YoY (ranged from -26% to +146%) and 13% MoM (ranged from -8% to 38%) in May 2023.</li><li>Li Auto’s May sales more than doubled NIO and Xpeng combined.</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.

Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on 1 Jun 2023.Sales volume of the nine brands combined rose 88% YoY (ranged from -26% to +146%) and 13% MoM (ranged from -8% to 38%) in May 2023.Li Auto’s May sales more than doubled NIO and Xpeng combined.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 – May NEV likely to hit second highest in history

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

<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?

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)

China Auto Sector – Strong June provides more confidence for 2H23

China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast

CMB International

China Auto Sector – When will discounts peak after rising for 8 months

Note that such discounts for each automaker are calculated based on weighted average of May 2023 retail sales volume for each model

CMB International

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

Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on...

CMB International

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

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