【招银国际】–International expansion drove a strong beat for 3Q results.pdf

China Property Sector – Feb sales a strong beat; Raise 2023 forecast

Quality growth strategy underpins strong earnings growth

Property: Weekly highlight: Strong WoW recovery at Mar end,policy relaxation continued

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

–Strong 3Q results on accelerating AI revenue

Strong AI capability to empower business growth

200% YoY; Strong gas trucks sales continue to be key driver

–3Q23 earnings beat on strong operating leverage and business innovation

Technology: AI Server and AI PC/smartphone supply chain set to continue strong momentum into 1H24E

China Consumer Sector – Strong recovery and sustainability during CNY