【招银国际】Yanlord: Weak 1H24 results but manageable liquidity.pdf

–1H23 weakness in-line; Lower TP on slower demand recovery

1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E

Proxy of China’s consumption-led recovery; buying into any weakness for the next recovery wave

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

China Technology Sector – Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

China Economy – Growth slows sharply as confidence remains weak

China EconomyGrowth momentum remained weak

China Economy: Weak exports support further policy easing