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>We expect Great Wall’s FY23E net profit to be significantly lower than current consensus, dragged by rising PHEV sales starting from 2Q23.</li><li>More importantly, we raise our FY23E NEV sales volume forecast for Great Wall to 0.32mn units despite the ORA miss, and expect its NEV market share to surpass the industry average in 4Q23E, which could be a positive catalyst for its share price.</li><li>We project Great Wall’s revenue to rise 45% YoY in 2Q23E, driven by 29% YoY sales-volume growth and 12% YoY ASP increase.</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 Great Wall’s FY23E net profit to be significantly lower than current consensus, dragged by rising PHEV sales starting from 2Q23.More importantly, we raise our FY23E NEV sales volume forecast for Great Wall to 0.32mn units despite the ORA miss, and expect its NEV market share to surpass the industry average in 4Q23E, which could be a positive catalyst for its share price.We project Great Wall’s revenue to rise 45% YoY in 2Q23E, driven by 29% YoY sales-volume growth and 12% YoY ASP increase.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.

Great Wall Motor (2333 HK) – Surging PHEV Sales at Cost of FY23E Net Profit

Thematic (Sector/Industry)

<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

<ul><li>Great Wall Motor’s 1Q23 net profit was largely in line with our prior expectation.</li><li>We believe the WEY Lanshan PHEV is well received, especially with its lowerthan-peer pricing.</li><li>That could make management follow the same pricing strategy for the upcoming Haval Xiaolong, in our view. </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.

Great Wall Motor’s 1Q23 net profit was largely in line with our prior expectation.We believe the WEY Lanshan PHEV is well received, especially with its lowerthan-peer pricing.That could make management follow the same pricing strategy for the upcoming Haval Xiaolong, in our view. 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.

Great Wall Motor (2333 HK) – New PHEV models appears to be more exciting

<ul><li>Great Wall Motor’s 4Q22 net profit was in line with its preliminary results.</li><li>Our takeaways from the earnings call are that management has probably learnt some lessons from its previous PHEV failure and will prioritize its NEV market share over profitability as we had expected before.</li><li>We believe that investors would also pay more attention to its NEV sales growth now than profitability.</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.

Great Wall Motor’s 4Q22 net profit was in line with its preliminary results.Our takeaways from the earnings call are that management has probably learnt some lessons from its previous PHEV failure and will prioritize its NEV market share over profitability as we had expected before.We believe that investors would also pay more attention to its NEV sales growth now than profitability.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.

Great Wall Motor (2333 HK) – Awaiting new PHEVs

<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?

China

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 manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs. Great Wall Motor conducts business in China, USA, Japan, Canada, Korea, and other regions.

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Great Wall Motor (601633 CH)

Great Wall Motor (2333 HK) – Surging PHEV Sales at Cost of FY23E Net Profit

We expect Great Wall’s FY23E net profit to be significantly lower than current consensus, dragged by rising PHEV sales starting from 2Q23.

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

Great Wall Motor (2333 HK) – New PHEV models appears to be more exciting

Great Wall Motor’s 1Q23 net profit was largely in line with our prior expectation. We believe the WEY Lanshan PHEV is well received, especially...

CMB International

Great Wall Motor (2333 HK) – Awaiting new PHEVs

Our takeaways from the earnings call are that management has probably learnt some lessons from its previous PHEV failure and will prioritize its...

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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