【招银国际】 Core business recovery on track with more to expect on new initiatives.pdf

Net profit 1H24 +2.7x YoY, beat expectations

China Economy: Exports continued to beat expectations with uncertainty ahead

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

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

Weak 2H22 as expected; IoT／auto CCM poised to drive recovery in 2023

what-can-we-expect-in-china-in-2017

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

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

Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect