【招银国际】 Earnings expectation is settling.pdf

1H23 Preview: expect weakness in-line; Back-end loaded in 2H23E

Expecting bottoming out

1H23E preview： Expect profit decline on weak coal price

Expect solid 2023E earnings; Higher free float to boost valuation

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market

关键假设表调整与交流精粹（2018年3月）：Marco Expectation Matters Again：研究员集体看低Q2周期品价格，社融走势再引热议

Net profit 1H24 +2.7x YoY, beat expectations

China Economy: Exports continued to beat expectations with uncertainty ahead

Sales exceeding expectations and achieving non-GAAP profitability

Core business recovery on track with more to expect on new initiatives