Self-brand the shining star
- GAC AION posted the second highest sales growth in the NEV industry in FY23; expect healthy sales in FY24
- Japanese JV sales volume fell in FY23; rushing towards electric fleet to raise profile
- Share price impacted by weak profit contribution from Japanese JV
- Maintain BUY for strong self-brand business and compelling valuation; new TP based on lower target PE FY24F due to macro uncertainties