【招银国际】- GPM 扩张带来的稳健收益增长.pdf

尽管短期GPM下降，但2022年第三季度表现稳健

–1H23E preview：new-car GPM could be a bottom

- 第 3 季度在 GPM 和弹性智能手机上击败 ； 重申在 FY24E 的 EV 上行

–2Q23 GPM miss; Still a long way for healthy GPM

中国建筑 - 产品：订单/GPM动能建设;生产赶上;购买宏禄和精功

China Technology–SMIC／Hua Hong Semi 3Q23：in-line revenue; ASP／GPM pressure to persist into 4Q23E

3Q24 GPM provides confidence for FY25 sales

1Q23 beat on better GPM; Maintain HOLD on fair valuation

Positive profit alert alleviates GPM concerns; Upgrade to BUY

CMBI Corp Day takeaways: ASP/GPM upside driven by Android recovery and spec upgrade