Deepening global strategy as new growth driver
- FY24F vehicle sales projected to grow c.30% following a 62% surge in FY23
- Globalisation strategy to accelerate; building an EV factory in Hungary to penetrate European market
- Market challenges remain, rising market competition and slower industry sales growth in 2024
- TP cut to HK$347/RMB318 (based on SOTP) to reflect macro uncertainties; maintain BUY on attractive valuation and globalization strategy