【麦肯锡】what-can-we-expect-in-china-in-2018.pdf

We expect prudent guidance but decent margins

TSF & CPI Missed Expectations,Property Demand Weakened

Sales exceeding expectations and achieving non-GAAP profitability

FY22 net margins better than expected

2024 results below expectation; Still positive on the structural overseas growth trend

–Release of pent-up demand as expected

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

CMS Strategy Weekly (20 Feb 2023) Rate expectations see upward revision

China Property Sector: NBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec

1Q23E profit beat expectations; Multiple catalysts ahead