【招银国际】1H23 预览 ： ASP 更好以抵消出货疲软 ； 关注 2H23E 的需求复苏.pdf

- 1H23 线疲软 ； 2H23E 展望乐观

Moving into mild recovery in 2H23E

–Recovery to expedite in 2H23E

1H23 结果如下 ； 预计在 2H23E 后装

–Likely to be resilient and outperform in 2H23E

–New-car GPM may bottom out in 2H23E

Moving into 2H23E recovery

- 预计装运在 2H23E 有望恢复 ； 保持利润悬空

Positive on shipment recovery and capacity expansion in 2H23E

–1H23E Preview： strong growth despite industry headwinds; expect back-loaded in 2H23E