【招银国际】 4Q22 earnings miss; sales may rise QoQ in FY23E.pdf

–Earnings cut and de-rating may end here

3Q24 earnings below expectations due to margin contraction

Solid 1H24 earnings, better NEV outlook

Auto: Stable discounts imply resilient 3Q earnings

Solid cloud rev growth with improved earnings growth outlook for e-commerce business

1H23E earnings preview： All eyes on the Galaxy

Earnings risk not yet priced in

Impressive earnings recovery in 1Q23; Reiterate BUY

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

–3Q23 earnings beat on strong operating leverage and business innovation