【招银国际】–2023 guidance cut, expecting recovery in 2024.pdf

TSF & CPI Missed Expectations,Property Demand Weakened

We expect prudent guidance but decent margins

1H23E preview： Expecting Strategy 2.0 to gain momentum in post-pandemic periods

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Unable to meet the expectation of dual engines

–1H23 worse than expected on slow recovery; Maintain HOLD

China Property Sector – NBS 2M23 data： Strong as expected

what-can-we-expect-in-china-in-2017

4Q23E earnings surged 31-71% YoY, above expectation

China Economy – Exports continued to beat expectations with uncertainty ahead