【招银国际】Positive on shipment recovery and capacity expansion in 2H23E.pdf

China Technology - 4Q22 global smartphone shipment down 18% YoY; Continue to prefer non-smartphone plays

【Sector Research】China Technology–2Q23 global smartphone shipment decline narrowed; Apple／OPPO／Transsion gained share

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

4Q24 global smartphone shipments ahead; Xiaomi/Vivo outperformed Apple/Samsung

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E