External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Upgrade to BUY. We upgrade Geely Automobile to BUY from Hold as we see progressive improvement at Zeekr and more PHEV model rollouts next year, which could boost its NEV sales to about 40% of total sales volume in FY23, on our estimates.</li><li>We value Zeekr slightly higher than Xpeng’s current market cap and Geely’s other businesses at 15x our FY23E P/E.</li><li>Zeekr is likely to end the year of 2022 with its sales target of 70,000 units achieved, which exceeds many investors’ initial expectation.</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>

Upgrade to BUY. We upgrade Geely Automobile to BUY from Hold as we see progressive improvement at Zeekr and more PHEV model rollouts next year, which could boost its NEV sales to about 40% of total sales volume in FY23, on our estimates.We value Zeekr slightly higher than Xpeng’s current market cap and Geely’s other businesses at 15x our FY23E P/E.Zeekr is likely to end the year of 2022 with its sales target of 70,000 units achieved, which exceeds many investors’ initial expectation.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) – PHEV could be a positive surprise in FY23