Broadening EV product offerings and better production cost control to boost business prospect
New EV battery swapping agreements with other auto OEMs and support from Anhui government enhance growth potential
Lowered FY24F vehicle sales growth to 60% vs 70% previously due to intense market competition, but stronger balance sheet should support new brands launch and growth
Maintain BUY; lowered TPs to factor in share dilution and China’s macro uncertainties
