【招银国际】This is likely a rocky-road turnaround.pdf

May NEV likely to hit second highest in history

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

微软（MSFT）：Agentic Web Likely to Accelerate AI Inference Development

4Q22E net profit likely to turn positive

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

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

1Q23 results beat and gradual recovery is likely

Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD

–Homegrown brands likely to narrow loss in 2H23

4Q22 beat; FY23E margins likely overestimated