【招银国际】–3Q23 earnings beat on better product mix and record-high GPM.pdf

Leveraging Trade for More and Better Jobs

1Q23 beat on better GPM; Maintain HOLD on fair valuation

1Q results pointed to a better full-year earnings growth outlook

Solid 1Q24 with better 2H24 earnings ahead

拜登《Build Back Better》法案有望加速落地，美国电车市场或将爆发

China Property Sector–NBS Aug data in-line, expect better recovery in Sep-Oct but sustainability is uncertain

Better 2H23 and FY24 as Mexico to turn profitable

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E

–Better-than-feared 3Q results

Better profits achieved across 3 business lines