【招银国际】We expect 1H24 to be still profitable.pdf

Weak 2H22 as expected; IoT／auto CCM poised to drive recovery in 2023

what-can-we-expect-in-china-in-2019

We expect 2H22E net profit to fall 23% YoY

China Policy – Credit growth is expected to rebound in 2023

Expect an improving trend after a weak 1Q24

Expect strong growth to continue after the impressive 1H23; U／G to BUY

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL