【招银国际】Robust 3Q doubled in NBV and earnings growth.pdf

2Q earnings beat; investment opportunities arise with overreaction on softened outlook

–Earnings in-line; Mgmt. changes imply a new round of expansion

Solid Q3 earnings signal intact growth trajectory

三一国际（00631）： Early stage of earnings recovery + attractive valuation offer good entry point

Earnings recovery underway

2Q23E earnings to grow 30-65%; recovery story intact

10% earnings upside in FY24/25E; Reit

JPMorgan-US Earnings Scorecard 2Q24 Earnings Update-109493093

After-sales as earnings driver amid low valuation

–1H23 earnings beat with surprise in dividend