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

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

–3Q23 earnings surged 120-200% YoY; Strong gas trucks sales continue to be key driver

–Release of pent-up demand remained strong

Strong sales performance in 2Q

NDR takeaways: Growth to accelerate in 2022E on strong backlog

Weekly highlight: expect strong sales momentum to last longer

China Consumer Sector – A strong comeback in 5-1 golden week

Fundamentals remain strong despite recent market volatility, reiterate BUY

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

Reaccelerate on strong pipeline in FY23E