【申万宏源】SJM Holdings Expect catalyst.pdf

–1H23E Preview： strong growth despite industry headwinds; expect back-loaded in 2H23E

ESOP targets stabilize earnings expectation but sentiment overhang remains

–Expecting a sequential recovery in 4Q

what-can-we-expect-in-china-in-2019

–Expecting upbeat margin on better ARM

Expect an unexciting set of results in 1Q24E, potential recovery in 2H24E

Can Fiscal Consolidation Announcements Help Anchor Inflation Expectations?

Expect a profit turnaround in 2023E

PMI beat expectations as economy continues to recover

China Policy – Credit growth is expected to rebound in 2023