【招银国际】–Rapid sales recovery in 1H23.pdf

Moving into 2H23E recovery

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

Core business recovery on track with more to expect on new initiatives

Awaiting recovery of ads revenue growth

China Macro Monitor:Still in the early stage of recovery

Macro Report: Deflation lingers with bumpy recovery in consumption

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

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

–Recovery to expedite in 2H23E

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