【招银国际】–1H23 missed, future growth under pressure.pdf

申万宏源计算机金融金融科技25Q1业绩回顾部分MISS但是展望乐观

Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term

3Q miss; new models, cost cut as key in FY25

拼多多（PDD）：1Q25 Earnings Missed, Business Adjustments Still Take Time

3Q CoR miss dragged by non-auto claims

Open Source: The Missing Data and Management Layer

–3Q rev／np -11%／40%; a significant miss

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

4Q22 miss; 5 new models in the next 5 months

We see risks in 2H24E after the miss in 2Q24