【招银国际】 Earnings expectation is settling.pdf

Expect strong growth to continue after the impressive 1H23; U／G to BUY

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

3Q24 earnings below expectations due to margin contraction

1H23E preview： Expect profit decline on weak coal price

Expect steady growth with policy tailwinds

Expecting an upbeat bottom line for 2Q results

Net profit 1H24 +2.7x YoY, beat expectations

Better-than-expected 3Q results drove enhanced full-year outlook

China Economy: Exports continued to beat expectations with uncertainty ahead

Expect higher ASP following China’s stimulus