【招银国际】–1H23 weakness in-line; Lower TP on slower demand recovery.pdf

1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E

China Property Sector – Property+ Weekly： Weak construction resumption rate dragged by property

Semi–China CIS sector–Solid auto CIS growth offset by weak mobile CIS demand

Expect an improving trend after a weak 1Q24

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

China Economy – Weak exports support further policy easing

China Economy – Inflation is too low as demand remains weak

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

China Property Sector–NBS Oct data in line, Nov-Dec may continue to be weak on low buying sentiment

2H22 first take： weakness in-line; awaiting recovery