【招银国际】Deflation continues with gradual improvement ahead.pdf

Acceding Countries’ Gradual Integration into the EU Single Market

1Q23 results beat and gradual recovery is likely

Near term challenges should fade into gradual recovery

China Economy – Economy further weakens with gradual policy easing ahead

1Q23 results beat and expect gradual recovery

Gradual revenue and margin recovery in FY23

China Economy: Deflation may gradually alleviate after credit loosening

China Economy: Economy further weakens with gradual policy easing ahead

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

–1H23 profit warning; Maintain BUY on 2H gradual recovery