2022 preview: Fruitful BD deals
US Daily_ February Payrolls Preview (Hill)–20230312
2Q23 preview: solid earnings growth despite social entertainment business adjustment
–1H23E Preview: strong growth despite industry headwinds; expect back-loaded in 2H23E
4Q23 earnings preview: NP to be flat QoQ
4Q preview: sales/adj. EBITDA +18%/+36%
4Q22 Preview: earnings recovery remains bumpy; Maintain HOLD
–1H23 preview:Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E
–1H23E preview:new-car GPM could be a bottom
4Q preview: rev/np reach RMB30.7bn/1.1bn