【申万宏源】SJM Holdings Expect catalyst.pdf

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

Operation Aspides, or the Peril of Low Expectations in Yemen

1Q23 results beat and expect gradual recovery

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

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

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

Expect strong growth to continue after the impressive 1H23; U／G to BUY

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