【国信证券】Lifting TP on adding major R&D valuation.pdf

1Q23 beat on better GPM; Maintain HOLD on fair valuation

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

China Banking Sector-Maintain OVERWEIGHT on valuation and positive outlook

Mid-teen top-line growth and a 90% dividend payout sustain the valuation premium over peers

–1H23 weakness in-line; Maintain HOLD on fair valuation

Expect solid 2023E earnings; Higher free float to boost valuation

Improving CNY sales; Stay Neutral on demanding valuation

After-sales as earnings driver amid low valuation

Fair valuation despite FY22 high earnings quality

Biodiversity valuation