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

Gradual revenue and margin recovery in FY23

Gradually back on the right track

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

Exports to gradually improve in 2024

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

Near term challenges should fade into gradual recovery

1Q23 results beat and gradual recovery is likely

China Economy: Economy further weakens with gradual policy easing ahead

China Economy – Economy further weakens with gradual policy easing ahead

1Q23 results beat and expect gradual recovery