reports
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PV sales up 26% yoy on last-minute buying bef...
China’s PV insurance registrations grew 26% yoy, 40% mom and 22% wow in the 25th week of 2025, with a PEV market share of 51.6%. BYD’s sales surge on discounts is unsustainable, and long-term growth will rely on product innovations and overseas expansion. China’s vehicle exports jumped 21% yoy in May, with EVs up 43% and PHEVs soaring 134%. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV and Tuopu.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Claire Wang Kelai
- Greater China Research Team
- Tham Mun Hon
Greater China 2H25 Market Strategy: A Big Beautiful Deal?
Trade deal in focus. Notwithstanding the 90-day truce on tariff escalation, it is still a 50/50 if there will be a “Big Beautiful Deal” between the US and China. The US is steadfast in wanting to cap China’s growth and restricting her access to the latest technology, while China is making a firm stand on its economic rights. We expect that higher US tariffs on Chinese goods are unavoidable, likely closer to the 60% mark, if Trump were to be seen making a credible move to onshore production in ...
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
01801 INNOVENT BIOLOGICS INC.
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02161 JBM (HEALTHCARE) LTD
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
- Claire Wang Kelai
- Ken Lee
China Automobile Weekly: Sales surge, driven by price cuts and new mod...
China’s PV insurance registrations grew 24% yoy, 18% mom and 27% wow in the 24th week of 2025, with a PEV market share of 55.1%. BYD’s sales rebounded 25% wow during the week on price cuts, easing inventory pressure. Geely launched the AI-powered Xingrui Cloud Power 2.0 and Galaxy A7 EM-i, featuring ultra-low fuel use and smart energy management. Robotaxi commercialisation is accelerating vehicle intelligentisation. Maintain MARKET WEIGHT. Top BUYs: Desay SV and Tuopu.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
- Bella Lu Yifei
- Ejann Hiew
- Gigi Cheuk
- Jo Yee Ng
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Friday, June 20, 2025
GREATER CHINA Sector Automobile Weekly: Sales surge, driven by price cuts and new model launches. Maintain MARKET WEIGHT on the sector. Top BUYs: Desay SV and Tuopu. Update Haidilao International Holding (6862 HK/BUY/HK$14.44/Target: HK$19.00) Revenue remains under pressure but stable operating margin is expected; increasing consumer preference for food delivery over dining in. Small/Mid Cap Highlights Jacobson Pharma (...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
N2IU MAPLETREE COMMERCIAL TRUST
5218 SAPURA ENERGY BHD
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SK6U SPH REIT
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
KREIT KEPPEL REIT
SGREIT STARHILL GLOBAL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
MSGB MAH SING GROUP BHD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
2633 JACOBSON PHARMA CORP LTD
MUST MANULIFE US REAL ESTATE INV
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
Z29 029 GROUP SE
02015 LI AUTO INC
BTG BETAGRO PUBLIC COMPANY LIMITED
600699 JOYSON ELECTRONICS CORP
- Claire Wang Kelai
- Ken Lee
China Automobile Weekly: China’s 60-day payment rule reshapes autos. M...
China's new 60-day payment mandate marks a turning point for the auto industry, squeezing OEM cash flows while unlocking liquidity and innovation for suppliers. We maintain earnings estimates of auto companies unchanged, pending the policy enforcement. China’s PV insurance registrations dropped 7.6% wow in the 23rd week of 2025, due to the Dragon Boat Festival holiday and the typical early-month lull in demand. Maintain MARKET WEIGHT. Top BUYs: Desay SV and Tuopu.
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly - Weekly: Government Steps In To Restore Order
The authorities are cracking down on predatory pricing, supplier exploitation and inventory fraud, which bodes well for the sustained development of China’s auto industry. However, overcapacity remains a structural problem. The 2025 Greater Bay Auto Show highlighted electrification, autonomous driving, and low-altitude mobility, with BYD’s "oil-electric same-speed" ultra-fast charging and plans for 15,000 charging piles standing out. Maintain MARKET WEIGHT. Top BUYs: Geely and XPeng.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Ken Lee
- Philip Wong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, June 06, 2025
GREATER CHINA Sector Automobile Weekly: Government steps in to restore order. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely and XPeng. MALAYSIA Sector Gaming Anticipate sector earnings to progressively grow throughout 2025-26 and offer solid dividend yields, but downgrade to MARKET WEIGHT given limited immediate cataly...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
MAG. MAG SILVER CORP.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
3182 GENTING BHD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
BST BERJAYA SPORTS TOTO BHD
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
RGB RGB INTERNATIONAL BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SCGP SCG PACKAGING PCL
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Is there an Evergrand in the China auto secto...
China automaker stocks plummeted 10-11% this week on: a) the price war triggered by BYD, and b) worries over the financial soundness of auto OEMs raised by GWM’s Chairman Wei Jianjun’s critics and the Ministry of Commerce’s probe into “zero-mileage second-hand cars”. We deem these concerns valid but the risks remain manageable as long as sales keep growing. Maintain MARKET WEIGHT. Top BUYs: Geely and XPeng. Cut target price of BYD from HK$510.00 to HK$490.00.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET W...
China’s PV insurance registrations grew 14% yoy but dipped 1.0% mom and 14% wow in the 20th week of 2025, with PEV market share rising to a ytd high of 56.3%. Geely Galaxy’s sales dipped 4.0% wow, but its sales will be driven by the launch of new models such as the Starshine 8 and the flagship SUV M9. XPeng posted upbeat 1Q25 results and aims to turn profitable by 4Q25, driven by a strong product cycle and tech upgrades. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and XPeng.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, May 23, 2025
GREATER CHINA Sector Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and XPeng. Results Lenovo Group (992 HK/BUY/HK$9.57/Target: HK$12.10) 4QFY25: Core business is solid, but bottom line impacted by non-core items. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$56.90/Target: HK$85.60) Expect unchanged 10% order volume growth for 2025;...
300014 EVE ENERGY CO. LTD. CLASS A
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
EGH EUREKA GROUP HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
SWB SUNWAY BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PEV sales edged up wow. Maintain MARKET WEIGH...
China’s PV insurance registrations rose 0.5% yoy, 26.5% mom and 5% wow in the 19th week of 2025, with PEV market share increasing to 50.2%. Geely’s Zeekr, Lynk & Co, and Galaxy saw strong sales growth driven by new model launches, aggressive pricing, tech upgrades, and robust export expansion. We lift Geely’s 2025 net profit forecast by 24%, given its upbeat 1Q25 earnings. Maintain BUY and raise target price to HK$31.00 Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PEV sales down wow due to holiday. Maintain M...
China’s PV insurance registrations rose 16% yoy and 26% mom but fell 6% wow in the 18th week of 2025, with PEV market share dropping to 48.0%. The wow drop was mainly due to the Labour Day Holiday. Geely plans to privatise Zeekr for US$2.2b just a year after its NYSE IPO, aiming to streamline operations and boost global EV competitiveness amid rising geopolitical and market pressures. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile: Weekly: Takeaways from Shanghai Auto Show 2025. 1Q25...
This week, we have takeaways from the 2025 Shanghai Auto Show. OEMs like BYD and Geely showcased promising new models, eg Ocean-S, Galaxy Warship. BYD’s 1Q25 net profit doubled yoy, in line with expectations. GWM’s 1Q25 earnings missed estimates on margins. We downgrade GWM from BUY to SELL. EVE Energy’s 1Q25 results beat estimates on shipments and margins. We upgrade EVE Energy from SELL to BUY. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PEV sales surge continues, BYD leads as compe...
China’s PV insurance registrations rose 13% yoy and 4% wow in the 15th week of 2025, with PEV market share climbing to 53.0% as EV sales surged and ICE-cars demand softened. Galaxy and Zeekr underperformed amid rising competition from BYD’s DiPilot models and broader EV price cuts. Management will adjust pricing and launch five new models at two-month intervals, with major upgrades in July-August. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Lester Siew
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, April 11
GREATER CHINA Economics Inflation Deflationary pressures remain. Sector Automobile Weekly: Direct impacts from US tariffs contained; indirect spillovers uncertain. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Update Anta Sports (2020 HK/BUY/HK$81.55/Target: HK$108.80) 1Q25 sales me...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
SOP SARAWAK OIL PALMS BERHAD
PREIT PARKWAYLIFE REAL ESTATE
KIML KIM LOONG RESOURCES BHD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
GENP GENTING PLANTATIONS BHD
DBB DUOPHARMA BIOTECH BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
09618 JD.COM INC. CLASS A
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
SDG SD GUTHRIE BHD
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Direct impacts from US tariffs contained; ind...
US tariffs on Chinese autos (up to 150%) have limited direct impact but raise global trade tensions, posing risks to demand and earnings. China’s auto sales grew 25% yoy but fell 30% wow in the 14th week of 2025, mainly due to Qingming Festival. PEV market share remained at 50.1%. BYD and Geely respectively guide for 86-119% yoy and 205-233% yoy spike in 1Q25 earnings, beating expectations. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
Contemporary Amperex Technology (300750 CH): 4Q24 earnings beat while ...
CATL posted mixed 4Q24 results with revenue of Rmb103.0b (-3.1% yoy/+11.6% qoq) and net profit of Rmb15.4b (+18.5% yoy/+17.1% qoq). Gross margin dipped due to changes in accounting policies. Looking ahead, CATL’s earnings will be driven by the ramp-up of its new battery products. We raise our 2025-26 net profit forecasts by 12%/11% to Rmb66,108m/Rmb79,528m respectively, and introduce our 2027 net profit estimate of Rmb94,240m. Maintain BUY. Lift target price from Rmb350.00 to Rmb390.00.
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Kampon Akaravarinchai
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Paula Ruth
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Notes - Monday, March 17, 2025
GREATER CHINA Economics Money Supply: Credit demand remains subdued. Sector Update Consumer: The State Council issued a plan on special initiatives to boost consumption. Initiate Coverage Waterdrop Inc (WDH US/BUY/US$1.50/Target: US$2.20): From crowdfunding to insurtech leadership with differentiated business model. Results AIA Group (1299 HK/BUY/HK$61.25/Target: HK$93.00): 2024: VONB slightly below expectations; new US$1.6b buyback programme. Contemporary Amperex Technology (300750 CH/BUY/Rmb26...
01299 AIA GROUP LIMITED
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
OSP OSOTSPA PUBLIC CO. LTD.
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
WDH WATERDROP INC
SCB SCB X PUBLIC COMPANY LIMITED
NATGATE NATIONGATE HOLDINGS BHD
YINSON YINSON HOLDINGS BHD
WIFI SOLUSI SINERGI DIGITAL TBK PT
02015 LI AUTO INC
ITMAX ITMAX SYSTEMS BHD
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, March 17, 2025
KEY HIGHLIGHTS Economics Money Supply February's M1 growth slowed to 0.1% yoy (-0.3ppt), missing consensus’ 1.0%, due to the Chinese New Year effect. M2 remained steady at 7.0% yoy, but new bank loans fell to Rmb1.01t compared with Jan 25’s Rmb5.13t, while new TSF fell to Rmb2.23t, both below forecasts. Thus, outstanding bank loans growth edged lower to 7.3% yoy. Nevertheless, outstanding TSF growth rose to 8.2% yoy due to increased government bond issuance. Weak domestic demand remains a key ...
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PV sales decline wow due to seasonal factors....
China auto sales declined wow in the 10th week of 2025, with a 55.7% share of the PEV market. BYD successfully raised HK$43.4b (US$5.6b) in an H-share placement. ASEAN investors are becoming increasingly positive on China’s auto sector, with BYD and Geely leading in AI/ADAS and overseas expansion, while risks like margins, US tariffs, and chip restrictions remain manageable. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and Desay SV.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
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