【招银国际】关注 4Q23E 和并购协同效应.pdf

4Q23E earnings surged 31-71% YoY, above expectation

弹性 4Q23E ， 利润率前景较好

China Technology–SMIC／Hua Hong Semi 3Q23：in-line revenue; ASP／GPM pressure to persist into 4Q23E