【招银国际】China Consumer Sector – A strong comeback in 5-1 golden week.pdf

Maintaining strong growth momentum

Steam ahead with doubled 2Q net profit and strong NBV uptrend; revise up TP

China Auto Sector: Strong June provides more confidence for 2H23

Strong GPM expansion supported the breakeven in 2H22

Strong FY24 results; benefiting from the robust AI demand

China Auto Sector – Can possible strong Jun sales extend into 2H23？

China Auto Sector–Strong 4Q23 sales mixed with rising competition

Core educational business sustained strong momentum

FY22 Preview： Strong execution of “3+3 Strategy”; Raise TP to HK$2.66

–Release of pent-up demand remained strong