【招银国际】–1H23 profit warning worse than feared; Maintain Hold.pdf

Maintaining conservative outlook

Reverse roadshow takeaways： high demand continues, Maintain Buy

China Policy – Politburo maintains pro-growth stance while ruling out big stimulus

Record-high FY24 NPM of 28.8% underpins ability to maintain high margins

Positive outlook; Maintain BUY

1Q in line; 2023 guidance maintained

Earnings hurt by industry cycle; Parentco’s revival offers revaluation chance; Maintain BUY

Solid 3Q with intact near-term prospects; Maintain BUY

1Q23 beat on better GPM; Maintain HOLD on fair valuation

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation