【招银国际】 Expecting bottoming out.pdf

China Pharmaceutical & Healthcare: Expecting global funding recovery in the coming quarters

We expect 1H24 to be still profitable

China Sportswear Sector – We expect prudent guidance but decent margins

Expect sustainable DPS growth onwards

Expect sequential improvement ahead

Expecting inline 3Q revenue growth with upside coming from bottom line

China Pharmaceutical & Healthcare - Expecting global funding recovery in the coming quarters

1Q23E profit beat expectations; Multiple catalysts ahead

Sales of Comfy brand surpass expectations

China Policy:Credit growth is expected to rebound in 2023