【招银国际】 We expect 2H22E net profit to fall 23% YoY.pdf

Better-than-expected 3Q results drove enhanced full-year outlook

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

3Q24 earnings below expectations due to margin contraction

Expect steady growth with policy tailwinds

China Economy – Exports continued to beat expectations with uncertainty ahead

1H23E preview： Expect profit decline on weak coal price

Further Enhanced Stronghold Products, Expect Profit Recovery

–2023 guidance cut, expecting recovery in 2024

Expect higher ASP following China’s stimulus

Expecting an upbeat bottom line for 2Q results