【招银国际】Core educational business sustained strong momentum.pdf

Moving into 3Q23E strong pipeline

China Auto Sector–Strong 4Q23 sales mixed with rising competition

FY22 Preview： Strong execution of “3+3 Strategy”; Raise TP to HK$2.66

China Auto Sector – Can possible strong Jun sales extend into 2H23？

Strong GPM expansion supported the breakeven in 2H22

China Auto Sector: Strong June provides more confidence for 2H23

Maintaining strong growth momentum

Steam ahead with doubled 2Q net profit and strong NBV uptrend; revise up TP

–2Q23 preview： expecting strong recovery ahead

China Economy – Exports strongly rebounded with uncertainty ahead