【招银国际】4Q23E earnings surged 31-71% YoY, above expectation.pdf

Big surprise on 2023E earnings; TP raised

ESOP targets stabilize earnings expectation but sentiment overhang remains

Strong core music business supports 1Q23 earnings beat

Auto: Chinese brands’ 2Q earnings could be resilient

Strengthened earnings certainty drives valuation recovery

PHEVs key to FY24; Earnings likely still resilient

Fair valuation despite FY22 high earnings quality

Solid core business earnings growth to provide support for overseas expansion

1Q results pointed to a better full-year earnings growth outlook

Attractive valuation with likely resilient earnings