【招银国际】NDR 收获 ： 需求恢复和规格升级以推动 2H23E 的 ASP / 利润率.pdf

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

–New-car GPM may bottom out in 2H23E

–Recovery to expedite in 2H23E

–Likely to be resilient and outperform in 2H23E

Moving into mild recovery in 2H23E

1H23 结果如下 ； 预计在 2H23E 后装

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

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

单季度业绩环比改善，2H23E新车型周期蓄势待发

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