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 project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E, and therefore raise its FY23E net profit to RMB 5.0bn.</li><li>Profitability in FY24E could also beat expectation on greater economies of scale.</li><li>We raise FY24E net profit by 83% to RMB 9.2bn with a conservative sales-volume assumption of 0.45mn units. </li></ul><p><em>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.</em></p>

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E, and therefore raise its FY23E net profit to RMB 5.0bn.Profitability in FY24E could also beat expectation on greater economies of scale.We raise FY24E net profit by 83% to RMB 9.2bn with a conservative sales-volume assumption of 0.45mn units. 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) – 2Q23 Earnings Preview: NP to Rise QoQ in FY23E

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>XPEV/LI/NIO/1211HK/TSLA: China extends NEV purchase tax exemption until end of 2025 (+)</li>
<li>NTES: NetEase's  racing game "Racing Master" officially launched（ - ）</li>
<li>700HK： Tencent Cloud launches its own Industry-Specific Large Language Models to Drive Intelligent Upgrades for Enterprises（+）</li>
</ul>


XPEV/LI/NIO/1211HK/TSLA: China extends NEV purchase tax exemption until end of 2025 (+)
NTES: NetEase's  racing game "Racing Master" officially launched（ - ）
700HK： Tencent Cloud launches its own Industry-Specific Large Language Models to Drive Intelligent Upgrades for Enterprises（+）


China TMT Update-Xpev/Li/Nio/1211hk/Tsla/NTES/700HK: Extends NEV Purchase Tax Exemption Until 2025

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>The 200 largest weighted companies in the GEM index reported average EPS growth of +6.3%y/y for 1Q23-to-date, slightly down from the +7.5% reported for 4Q22.</li>
<li>Only 51% of companies delivered positive sales surprises, whilst 60% delivered positive EPS surprises, an increase from the trend seen over the past year.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


The 200 largest weighted companies in the GEM index reported average EPS growth of +6.3%y/y for 1Q23-to-date, slightly down from the +7.5% reported for 4Q22.
Only 51% of companies delivered positive sales surprises, whilst 60% delivered positive EPS surprises, an increase from the trend seen over the past year.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 1Q2023

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

<ul><li>Electric-vehicle maker Nio Inc. ended its holdout in China’s car price war and slashed base prices on all of its vehicles by 30,000 yuan ($4,200) in hopes of bolstering sales amid escalating competition in China, the world’s largest auto market.</li><li>Nio also pulled the plug on its free battery-exchange service for car buyers and introduced a pay-as-you-go system and a 30,000 yuan lifetime swap service.</li><li>The vehicle price cuts announced Monday will reduce the starting price of Nio’s new electric SUV ES6 to 338,000 yuan. The price of the mid-size electric sedan model ET5 will be lowered to 298,000 yuan. The changes take effect immediately, Nio said.</li></ul>

Electric-vehicle maker Nio Inc. ended its holdout in China’s car price war and slashed base prices on all of its vehicles by 30,000 yuan ($4,200) in hopes of bolstering sales amid escalating competition in China, the world’s largest auto market.Nio also pulled the plug on its free battery-exchange service for car buyers and introduced a pay-as-you-go system and a 30,000 yuan lifetime swap service.The vehicle price cuts announced Monday will reduce the starting price of Nio’s new electric SUV ES6 to 338,000 yuan. The price of the mid-size electric sedan model ET5 will be lowered to 298,000 yuan. The changes take effect immediately, Nio said.

Nio Ends Holdout in China’s Auto Price War

Cross Asset Strategy

<ul><li>Pinduoduo /: China’s faltering recovery is good for business — at least if you’re Pinduoduo</li><li>Palestine-Israel /: Xi proposes three-point resolution for Palestinian-Israeli conflict</li><li>Jobless /: Chart of the Day: China’s youth unemployment breaks record as graduate influx looms</li></ul>

Pinduoduo /: China’s faltering recovery is good for business — at least if you’re PinduoduoPalestine-Israel /: Xi proposes three-point resolution for Palestinian-Israeli conflictJobless /: Chart of the Day: China’s youth unemployment breaks record as graduate influx looms

CX Daily: China’s Faltering Recovery Is Good for Business — at Least if You’re Pinduoduo

China

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) – 2Q23 Earnings Preview: NP to Rise QoQ in FY23E

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E, and therefore raise its FY23E net profit to RMB 5.0bn.

CMB International

China TMT Update-Xpev/Li/Nio/1211hk/Tsla/NTES/700HK: Extends NEV Purchase Tax Exemption Until 2025

XPEV/LI/NIO/1211HK/TSLA: China extends NEV purchase tax exemption until 2025/ NTES: "Racing Master" officially launched/700HK： Tencent Cloud...

Blue Lotus Research Institute

Global Emerging Markets: Reporting Season Summary, 1Q2023

In this quarterly insight, we analyse recent GEM reporting trends with reference to Sales and EPS growth, size and percentage of positive...

Wium Malan, CFA

Nio Ends Holdout in China’s Auto Price War

Electric-vehicle maker Nio Inc. ended its holdout in China’s car price war and slashed base prices on all of its vehicles by 30,000 yuan ($4,200)...

Caixin Global

CX Daily: China’s Faltering Recovery Is Good for Business — at Least if You’re Pinduoduo

Pinduoduo /: China’s faltering recovery is good for business — at least if you’re Pinduoduo Palestine-Israel /: Xi proposes three-point resolution...

Caixin Global

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