【招银国际】Sales exceeding expectations and achieving non-GAAP profitability.pdf

1H23E preview： Expect profit decline on weak coal price

Searching for a new and profitable business development direction

Record high quarterly profit in 2Q23E

–2Q in line with profit alert; subtle recovery ahead

Positive profit alert for FY22; eyeing for a good FY23E

2Q23E preview: net profit to rise 7% QoQ

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

Net profit +3.5x YoY in 2022 but below expectations; Attractive yield of 20%

Quality growth with advanced profitability

Better 2H23 and FY24 as Mexico to turn profitable