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

–A decent 1H, though not a straight beat

–1H core rev／np +3%／10%; a surprising beat

–1H23 results marginally beat; continue to implement “1+2+N” strategy

China Technology Sector:Apple FY2Q23 beat on strong iPhone and EM; Positive on resilient performance amid headwinds

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

Growth beat expectations with recovery underway

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

–GPM pressure persists despite possible sales beat

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

Strong core music business supports 1Q23 earnings beat