【招商证券】 Positive outlook; Maintain BUY.pdf

–1H23 worse than expected on slow recovery; Maintain HOLD

FY24E target maintained but we are cautious

COVID business to maintain solid growth

Solid 1H24 with balanced sources of growth, maintain BUY

–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

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

1Q in line; 2023 guidance maintained

China Policy – Politburo maintains pro-growth stance while ruling out big stimulus