【光大证券】China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening.pdf

We expect 1H24 to be still profitable

U.S. Inflation Expectations During the Pandemic

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

2Q loss reduction trend better than expectation

Expect higher ASP following China’s stimulus

–2Q23 preview： expecting strong recovery ahead

China Economy – Exports continued to beat expectations with uncertainty ahead

Unable to meet the expectation of dual engines

1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H