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招银证券8月24日发布公告。Reiterate BUY with new TP of HK$21.53. We believe1H23margin pressure has been partially priced in, and order wins and Chengdu plant ramp-up will boost margin recovery in2H23E. In long term, we think BOEVx will benefit from auto display upgrade and overseas expansion given auto intelligence and smart cockpit trend. We lowered our FY23-25E EPS by8-14% to reflect auto OEM price war and rising costs from capacity ramp-up. Reiterate BUY and our new TP of HK$21.5is based on rolled-over20x FY24E PE.