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招银证券7月7日发布公告。Maintain BUY. We project Yongda’s1H23E net profit to fall34% YoY to RMB445mn amid price war and we cut our FY23E net profit to RMB1.2bn. Given that major luxury automakers in China provided significant additional rebates to dealers in1H23, we are of the view that new-car GPM of about1% could be a bottom for Yongda.