【招银国际】1Q23 results beat and expect gradual recovery.pdf

Expect a profit turnaround in 2023E

PMI beat expectations as economy continues to recover

Expect a year of mild recovery in FY23

We expect 4Q22 NP to fall on equity income

Expecting solid 4Q24 results driven by home appliance trade-in program

GAC Group (2238 HK) We expect 4Q22 NP to fall on equity income

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E

–2023 guidance cut, expecting recovery in 2024

Expect higher ASP following China’s stimulus

Better-than-expected 3Q results drove enhanced full-year outlook