【招银国际】在 2H23E 中结出更多游戏的果实.pdf

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

1H23 预览 ： ASP 更好以抵消出货疲软 ； 关注 2H23E 的需求复苏

Moving into 2H23E recovery

Positive on shipment recovery and capacity expansion in 2H23E

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

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E

–Recovery to expedite in 2H23E

1H23 结果如下 ； 预计在 2H23E 后装

–New-car GPM may bottom out in 2H23E

–Likely to be resilient and outperform in 2H23E