【招银国际】PHEVs key to FY24; Earnings likely still resilient.pdf

1Q23 results beat and gradual recovery is likely

–Business adjustment impact likely taking time to be digested

China Sportswear Sector - Singles Day sales likely good but companies remain cautious

4Q22E net profit likely to turn positive

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

China Auto Sector – Jan NEV likely in line or slightly miss; Li Auto beat

This is likely a rocky-road turnaround

May NEV likely to hit second highest in history

4Q22 beat; FY23E margins likely overestimated

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