1H24 earnings down 27% YoY below our expectation; expect a better 2H24E
China Policy – Credit growth is expected to rebound in 2023
Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations
Unable to meet the expectation of dual engines
–2023 guidance cut, expecting recovery in 2024
FY22 net margins better than expected
Net profit 1H24 +2.7x YoY, beat expectations
Sales exceeding expectations and achieving non-GAAP profitability
Expect higher contribution from AI revenue in 3Q; Upgrade to Buy
1H23E preview: Expect profit decline on weak coal price