【招银国际】Expecting inline 3Q revenue growth with upside coming from bottom line.pdf

1Q23 results beat and expect gradual recovery

–Expect steady 3Q23 despite macro uncertainty

Expect domestic business to rebound from 2025

4Q23E earnings surged 31-71% YoY, above expectation

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

Weekly highlight: expect strong sales momentum to last longer

what-can-we-expect-in-china-in-2018

China Property Fatigue about easing expectation

CMS Strategy Weekly (20 Feb 2023) Rate expectations see upward revision

Expect sustainable DPS growth onwards