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

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

Improving CNY sales; Stay Neutral on demanding valuation

Attractive valuation with likely resilient earnings

Solid margin and attractive valuation; wait for top-line recovery

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

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

After-sales as earnings driver amid low valuation

Fair valuation despite FY22 high earnings quality

Biodiversity valuation

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