美东汽车：We expect 1H24 to be still profitable

22 Jul 2024 CMB International Global Markets | Equity Research | Company Update Meidong Auto (1268 HK) We expect 1H24 to be still profitable Maintain BUY. Despite strong headwinds that dealers faced, we still project Meidong's 1H24 net profit to be positive with subsidies from Porsche and Lexus. We expect industrywide headwinds to continue in 2H24 but we believe investors could turn a bit more positive on Meidong's FY25 outlook given removal of the convertible bond (CB) burden and a new NEV model cycle for ...