【招银国际】Expecting inline 3Q revenue growth with upside coming from bottom line.pdf

–Expecting a sequential recovery in 4Q

GAC Group (2238 HK) We expect 4Q22 NP to fall on equity income

We expect 4Q22 NP to fall on equity income

Expecting solid 4Q24 results driven by home appliance trade-in program

Expect a year of mild recovery in FY23

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

3Q24 earnings below expectations due to margin contraction

1H23E preview： Expect profit decline on weak coal price

Expect steady growth with policy tailwinds

Expecting an upbeat bottom line for 2Q results