【招银国际】Turnaround continues after a resilient 3Q24.pdf

Reverse roadshow takeaways： high demand continues, Maintain Buy

Deflation continues with gradual improvement ahead

Short-term headwind continues

China Economy: PMI contracted as policy easing continued

2Q23E V-shaped rebound to continue

China Consumer Staples:Divergence continues

Clinical development of core pipeline products continues

Short-term headwind continues; strategic upgrades to drive long-term growth

Multiple growth drivers and improving margin to continue into 2025; Raise TP to HK$53.48

Technology: AI Server and AI PC/smartphone supply chain set to continue strong momentum into 1H24E