【招银国际】–Business adjustment impact likely taking time to be digested.pdf

安恒信息（688023）：Operations Likely to Bottom Out In 2025

4Q22 beat; FY23E margins likely overestimated

4Q earnings beat; likely another year of solid earnings growth ahead

–Homegrown brands likely to narrow loss in 2H23

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

1Q23 results beat and gradual recovery is likely

4Q22E net profit likely to turn positive

Li Auto Inc. (LI US) 4Q22E net profit likely to turn positive

This is likely a rocky-road turnaround

NE：Larger-than-expected Tariff Cuts, Earnings Upside Likely