【招银国际】 Expect strong growth to continue after the impressive 1H23; U／G to BUY.pdf

Strong and sustainable non-COVID growth

Strong sales performance in 2Q

China Consumer Sector: Strong recovery and sustainability during CNY

–International expansion drove a strong beat for 3Q results

Solid mobile games and margin improvement support strong 1Q23 results

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

China Auto Sector – Strong June provides more confidence for 2H23

Technology: AI Server and AI PC/smartphone supply chain set to continue strong momentum into 1H24E

China Consumer Sector – Strong recovery and sustainability during CNY

–3Q23 earnings beat on strong operating leverage and business innovation