【BOCI】Angelalign Technology：2022 annual results preview.pdf

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

1H23E preview： Expecting Strategy 2.0 to gain momentum in post-pandemic periods

1H23E earnings preview： All eyes on the Galaxy

FY22E preview; Bumpy recovery in 2023

1H23E preview： Expect profit decline on weak coal price

2022 preview： Continuing to enhance long-term growth logic

–1H23E preview：new-car GPM could be a bottom

4Q preview: rev/np reach RMB30.7bn/1.1bn

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1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H