China’s PV insurance registrations rebounded 7% wow but dipped 0.5% yoy in the 29th week of 2025. BYD is suffering online backlash for sponsoring CNMFT. The China government is mulling over measures to crack down on zero-mileage secondhand cars. GWM reported an upbeat 2Q25 net profit on exceptional gains. We raise our 2025 net profit forecast by 26% and keep core earnings estimates unchanged. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.
China’s PV insurance registrations edged up 0.8% yoy and fell 8.8% wow in the 28th week of 2025 due to the roll-back of promotional discounts. Geely will privatise Zeekr via a US$2.4b cash or share-swap deal, creating short-term cash and dilution pressure but enabling long-term strategic synergies. The State Council is mulling measures to curb price war. We downgrade Ganfeng Lithium from BUY to HOLD on bigger-thanexpected 2Q25 loss. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.
GREATER CHINA Sector Automobile Weekly: PV sales growth slows to 0.8% yoy. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Update Sun Hung Kai & Co (86 HK/BUY/HK$3.47/Target: HK$5.86) 1H25 Preview: Positive market sentiment improves asset valuations. INDONESIA Small/Mid Cap Highlights Rukun Raharja (RAJA IJ/NOT RATED/Rp2,590) Building the future o...
GREATER CHINA Sector Automobile Weekly: PV sales up 6.9% yoy on last-minute buying before promotions end. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. INDONESIA Small/Mid Cap Highlights Mastersystem Infotama (MSTI IJ/NOT RATED/Rp1,295) Prominent ICT player with strong fundamentals and undemanding valuation. MALAYSIA Strategy 2H25 Strategy - Re-Charging For Outperformance ...
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.
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.
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 (...
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.
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...
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.
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.
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;...
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.
EVE’s 4Q24/1Q25 net profit came in above our estimates at Rmb887m (+42% yoy/-16% qoq) and Rmb1,101m (+3% yoy/+24% qoq) respectively on upbeat top-line and margins. Looking ahead, the company has guided doubling of shipments of power batteries and energy storage batteries and stabilising margins for 2025. We lift our 2025-26 net profit forecasts by 31%/70% to Rmb5.23b/Rmb6.96b respectively and introduce our 2027 forecast of Rmb8.74b. Upgrade to BUY. Raise target price to Rmb50.00.
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.
Sector Automobile 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. Consumer The Politb...
GREATER CHINA Sector Automobile: Weekly: Takeaways from Shanghai Auto Show 2025. 1Q25 results review for BYD, GWM and GAC. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV. Consumer: Politburo meeting: Emphasising income improvement and service consumption; prefer consumer companies with strong cost control and domestic focus. Results BYD Company (1211 HK/BUY/HK$397.00/Target: HK$510.00): 1Q25: Earnings double yoy, in line. Maintain BUY. Target price: HK$510.00. EVE Energy (300014 HK/BU...
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...
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.
China’s auto sales increased wow in the 13th week of 2025, with PEVs accounting for 50.1% of the market. BYD achieved strong EV sales growth in March and 1Q25, driven by record overseas deliveries and new model launches. Geely's March sales surged 54% yoy, driven by strong EV growth. The US’ 25% tariff has limited impact on Chinese OEMs but would hit auto parts companies’ 2025 earnings by 2.5-8%. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and Desay SV.
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