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

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

Deflation continues with gradual improvement ahead

Gradually back on the right track

FY22 largely in-line; Gradual recovery on track

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

Exports to gradually improve in 2024

1Q23 results beat and gradual recovery is likely

Near term challenges should fade into gradual recovery

China Economy: Deflation may gradually alleviate after credit loosening

1Q23 results beat and expect gradual recovery