【招银国际】 Earnings expectation is settling.pdf

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

China Economy – PMI beat expectations as economy continues to recover

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

Expecting bottoming out

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

1H23E preview： Expecting Strategy 2.0 to gain momentum in post-pandemic periods

1H24E preview: Expect solid growth on iPad/iPhone cycle, Android recovery and NEV orders

4Q23E earnings surged 31-71% YoY, above expectation

Weak 2H22 as expected; IoT／auto CCM poised to drive recovery in 2023

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