【招银国际】1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E.pdf

–Expecting upbeat margin on better ARM

Earnings expectation is settling

–Expecting a sequential recovery in 4Q

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

Natural gas HDT +14.8x YoY in Oct on low base; Expect momentum to continue; Weichai our top pick

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

1Q23E profit beat expectations; Multiple catalysts ahead

Expecting a solid 1H23

Expecting an upbeat bottom line for 2Q results

We expect 4Q22 NP to fall on equity income