【招银国际】China Sportswear Sector – We expect prudent guidance but decent margins.pdf

GAC Group (2238 HK) We expect 4Q22 NP to fall on equity income

–Expecting a sequential recovery in 4Q

–Expect steady 3Q23 despite macro uncertainty

China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

3Q24 earnings below expectations due to margin contraction

ESOP targets stabilize earnings expectation but sentiment overhang remains

1H23E preview： Expect profit decline on weak coal price

Turnaround is here but weaker than expected

Expect domestic business to rebound from 2025