1H24 earnings down 27% YoY below our expectation; expect a better 2H24E
–2023 guidance cut, expecting recovery in 2024
1H23 Preview: expect weakness in-line; Back-end loaded in 2H23E
China Property Sector–NBS Aug data in-line, expect better recovery in Sep-Oct but sustainability is uncertain
Expect higher contribution from AI revenue in 3Q; Upgrade to Buy
Better-than-expected 3Q results drove enhanced full-year outlook
Core business recovery on track with more to expect on new initiatives
Expect higher ASP following China’s stimulus
China Technology–Global fabless/IDM 2Q23 wrap: expect continued inventory correction for non-AI players; All eyes on NVDA 3Q23E guidance
Expect steady growth with policy tailwinds