【华泰证券】2Q23业绩增长提速明显.pdf

China Technology–Global fabless／IDM 2Q23 wrap： expect continued inventory correction for non-AI players; All eyes on NVDA 3Q23E guidance

2023年中报点评：下游需求逐步恢复，2Q23业绩环比明显改善

2Q23毛利率62.9%历史新高，短训、职教双轨发展

2Q23业绩点评：需求改善与经营优化共振，业绩呈现强增长

–2Q23 net profit +81% but largely due to low base & FX gain; Staying cautious on export

公司指引2Q23收入环比回升，超出市场预期

2Q23 盈利预览

2Q23业绩前瞻：本地消费稳步复苏，积极布局增强用户粘性

2Q23前瞻：控费助力利润率回升

2Q23：收入持平，毛利率环比显韧性