【招银国际】 Maintaining strong growth momentum.pdf

Solid mobile games and margin improvement support strong 1Q23 results

Property: Weekly highlight: Strong WoW recovery at Mar end,policy relaxation continued

Technology: AI Server and AI PC/smartphone supply chain set to continue strong momentum into 1H24E

China Consumer Sector – Strong recovery and sustainability during CNY

Strong sales performance in 2Q

200% YoY; Strong gas trucks sales continue to be key driver

–3Q23 earnings beat on strong operating leverage and business innovation

Strong sales in Q3, with a narrowed net loss

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

Strong and sustainable non-COVID growth