Net profit +3.5x YoY in 2022 but below expectations; Attractive yield of 20%
GAC Group (2238 HK) We expect 4Q22 NP to fall on equity income
Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E
3Q24 earnings below expectations due to margin contraction
–Expecting a sequential recovery in 4Q
–Expect steady 3Q23 despite macro uncertainty
1H23E preview： Expect profit decline on weak coal price
ESOP targets stabilize earnings expectation but sentiment overhang remains
China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening
Expecting a solid 1H23
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