【招银国际】China Economy–Deflation may gradually alleviate after credit loosening.pdf

Near term challenges should fade into gradual recovery

FY22 largely in-line; Gradual recovery on track

–1H23 profit warning; Maintain BUY on 2H gradual recovery

China Internet – China online advertising： onset for gradual recovery in 2023E

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

Exports to gradually improve in 2024

1Q23 results beat and expect gradual recovery

Gradual revenue and margin recovery in FY23

Acceding Countries’ Gradual Integration into the EU Single Market

Gradual revenue and margin recovery in FY23