【招银国际】Still positive, but wait for a better entry point after 3Q24E results.pdf

–3Q23 earnings beat on better product mix and record-high GPM

Better margins despite cautious sales growth

–Better-than-feared 3Q results

Better profits achieved across 3 business lines

China Property Sector–NBS Aug data in-line, expect better recovery in Sep-Oct but sustainability is uncertain

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E

Better 2H23 and FY24 as Mexico to turn profitable

Leveraging Trade for More and Better Jobs

从Betterment看海外智能投顾行业

WEF_GAC15_Better_Growth_with_Forests