【招银国际】Expecting an upbeat bottom line for 2Q results.pdf

Expect an unexciting set of results in 1Q24E, potential recovery in 2H24E

We expect 4Q22 NP to fall on equity income

Expecting solid 4Q24 results driven by home appliance trade-in program

GAC Group (2238 HK) We expect 4Q22 NP to fall on equity income

Expect a year of mild recovery in FY23

Expect steady growth with policy tailwinds

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

3Q24 earnings below expectations due to margin contraction

Net profit 1H24 +2.7x YoY, beat expectations

1H23E preview： Expect profit decline on weak coal price