【招银国际】China Economy – Weak exports support further policy easing.pdf

Expect an improving trend after a weak 1Q24

Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

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

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

–Weak revenue growth in the price; overseas growth story still intact

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

China Economy–Trade remains weak as base effect narrows its slump

-香港--HKEX -388 HK- Resilient performance in weak market-221019

Yanlord: Weak 1H24 results but manageable liquidity