【招银国际】–1H24 results beat and a resilient strategy.pdf

–International expansion drove a strong beat for 3Q results

–2Q23 beat on record-high margin; Reiterate BUY

–3Q23 earnings beat on better product mix and record-high GPM

Growth beat expectations with recovery underway

–A decent 1H, though not a straight beat

Earnings beat with double surprises on dividend payout; Maintain Buy

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

1H23 NBV beat consensus; interim dividend up 1.1% YoY reinforcing a long-run growth story

1Q23 results beat and expect gradual recovery

–GPM pressure persists despite possible sales beat