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 our top pick. Li Auto’s strong beat in 4Q23 GPM led to an all-time high operating margin of 7.3%.</li><li>Its FY23 net margin of 9.5% was also much higher than its guidance of 5% in mid-2023.</li><li>Management has also provided a clear path to achieve its FY24 sales target and is still quite self-disciplined in costs and expansion.</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 our top pick. Li Auto’s strong beat in 4Q23 GPM led to an all-time high operating margin of 7.3%.Its FY23 net margin of 9.5% was also much higher than its guidance of 5% in mid-2023.Management has also provided a clear path to achieve its FY24 sales target and is still quite self-disciplined in costs and expansion.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.

Li Auto Inc. (LI US) - 4Q23 Results Set the Tone for Resilient FY24

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>In 4Q23, revenue grew by 136% and operating profit was significantly higher than the market consensus.</li>
<li>Li Auto grew the most rapidly among the top-ten Chinese NEV sellers.</li>
<li>We believe Li Auto will be one of the winners after the market gets more concentrated. Upgrade to Hold.</li>
</ul>


In 4Q23, revenue grew by 136% and operating profit was significantly higher than the market consensus.
Li Auto grew the most rapidly among the top-ten Chinese NEV sellers.
We believe Li Auto will be one of the winners after the market gets more concentrated. Upgrade to Hold.


Li Auto (LI US): 4Q23, High Growth and Profit, A Winner of Market Concentration, Upgraded to Hold

<ul><li>We expect Li Auto’s 4Q23E net profit to rise 2% QoQ to RMB 2.9bn, or a net profit of RMB 21,850 per vehicle.</li><li>We lower our FY24E net profit by 14% to RMB 12.6bn amid a prolonged price war.</li><li>We are of the view that its current valuation of 16x our FY24E P/E is attractive given Li Auto’s growth potential and 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.

We expect Li Auto’s 4Q23E net profit to rise 2% QoQ to RMB 2.9bn, or a net profit of RMB 21,850 per vehicle.We lower our FY24E net profit by 14% to RMB 12.6bn amid a prolonged price war.We are of the view that its current valuation of 16x our FY24E P/E is attractive given Li Auto’s growth potential and 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.

Li Auto Inc. (LI US) – 4Q23 earnings preview: NP to be flat QoQ

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul>
<li>Li Auto’s deliveries and revenues surged by three digits since 3Q23.</li>
<li>The company is building new factories in Changzhou and Beijing. </li>
<li>However, we believe the stock is overvalued apart from comparing with Tesla.</li>
</ul>


Li Auto’s deliveries and revenues surged by three digits since 3Q23.
The company is building new factories in Changzhou and Beijing. 
However, we believe the stock is overvalued apart from comparing with Tesla.


Li Auto (LI US, 2015 HK): Deliveries Surged, But Overvalued Apart from Comparing with Tesla

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 develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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.

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

BAIC Motor Corporation Limited designs, researches, develops, manufactures and sells a variety of passenger vehicles in China.

Dongfeng Motor Group Company Limited, through joint ventures, designs, manufactures, and markets diesel engines, light trucks, automobiles, castings, and related spare parts.

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.

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.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

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.

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.

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

Li Auto Inc. (LI US) - 4Q23 Results Set the Tone for Resilient FY24

Maintain our top pick. Li Auto’s strong beat in 4Q23 GPM led to an all-time high operating margin of 7.3%. Its FY23 net margin of 9.5% was also...

CMB International

Li Auto (LI US): 4Q23, High Growth and Profit, A Winner of Market Concentration, Upgraded to Hold

In 4Q23, revenue grew by 136% and operating profit was significantly higher than the market consensus. Li Auto grew the most rapidly among the top...

Ming Lu

Li Auto Inc. (LI US) – 4Q23 earnings preview: NP to be flat QoQ

We are of the view that its current valuation of 16x our FY24E P/E is attractive given Li Auto’s growth potential and profitability.

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Li Auto (LI US, 2015 HK): Deliveries Surged, But Overvalued Apart from Comparing with Tesla

Li Auto’s deliveries surged significantly since March 2023. Total revenue grew by 220% YoY in 2Q23 and 270% YoY in 3Q23. But we believe the stock...

Ming Lu

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