【招银国际】2Q23E earnings to grow 30-65%; recovery story intact.pdf

Earnings beat with double surprises on dividend payout; Maintain Buy

–Earnings cut and de-rating may end here

Earnings outlook to mildly improve

3Q24 earnings below expectations due to margin contraction

1Q results pointed to a better full-year earnings growth outlook

Earnings recovery underway

Solid 1H24 earnings, better NEV outlook

10% earnings upside in FY24/25E; Reit

Impressive 1Q23 earnings; U／G to BUY; More catalysts ahead

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E