【招银国际】–Release of pent-up demand as expected.pdf

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market

Expecting a solid 1H23

Expecting an upbeat bottom line for 2Q results

Expect steady growth with policy tailwinds

Net profit 1H24 +2.7x YoY, beat expectations

China Economy: Exports continued to beat expectations with uncertainty ahead

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

3Q24 earnings below expectations due to margin contraction

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

–2023 guidance cut, expecting recovery in 2024