【申万宏源】SJM Holdings Expect catalyst.pdf

Net profit 1H24 +2.7x YoY, beat expectations

China Economy – Exports continued to beat expectations with uncertainty ahead

China Economy: Exports continued to beat expectations with uncertainty ahead

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market

1H23E preview： Expect profit decline on weak coal price

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

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

Expecting bottoming out

Expect solid 2023E earnings; Higher free float to boost valuation

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E