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

200% YoY; Strong gas trucks sales continue to be key driver

Quality growth strategy underpins strong earnings growth

China Property Sector – Feb sales a strong beat; Raise 2023 forecast

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

Property: Weekly highlight: Strong WoW recovery at Mar end,policy relaxation continued

Strong AI capability to empower business growth

–Strong 3Q results on accelerating AI revenue

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

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

Strong sales performance in 2Q