【招银国际】Stable 1H24 results; Maintain HOLD.pdf

Yanlord：Resilient FY22 results and business model; maintain Buy

Maintaining strong growth momentum

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

–1H23 profit warning worse than feared; Maintain Hold

1Q23 beat on better GPM; Maintain HOLD on fair valuation

Solid 3Q with intact near-term prospects; Maintain BUY

FY24E target maintained but we are cautious

Solid 1H24 with balanced sources of growth, maintain BUY

COVID business to maintain solid growth

Maintaining conservative outlook