【招银国际】Expect sequential improvement ahead.pdf

–2023 guidance cut, expecting recovery in 2024

Better-than-expected 3Q results drove enhanced full-year outlook

1H23 Preview: expect weakness in-line; Back-end loaded in 2H23E

Expect solid 2023E earnings; Higher free float to boost valuation

Operation Aspides, or the Peril of Low Expectations in Yemen

1Q23 results beat and expect gradual recovery

China Auto Sector – Jun leading indicators： NIO weaker than expected

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

1H24E preview: Expect solid growth on iPad/iPhone cycle, Android recovery and NEV orders

China Technology–Global fabless／IDM 2Q23 wrap： expect continued inventory correction for non-AI players; All eyes on NVDA 3Q23E guidance