PHEVs key to FY24; Earnings likely still resilient
Earnings risk not yet priced in
–Earnings cut and de-rating may end here
3Q24 earnings below expectations due to margin contraction
1Q25 Earnings Rebound Notably, Games/Films Shine
Solid 1H24 earnings, better NEV outlook
Impressive earnings recovery in 1Q23; Reiterate BUY
Auto: Stable discounts imply resilient 3Q earnings
–3Q23 earnings beat on strong operating leverage and business innovation
Earnings beat with double surprises on dividend payout; Maintain Buy
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