【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

Expect steady growth with policy tailwinds

Expecting a solid 1H23

Net profit 1H24 +2.7x YoY, beat expectations

Expecting an upbeat bottom line for 2Q results

China Economy: Exports continued to beat expectations with uncertainty ahead

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

1H23E preview： Expect profit decline on weak coal price

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

Optimized CoR guidance beat expectations

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