EV battery swapping leader
- 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