【申万宏源】SJM Holdings Expect catalyst.pdf

Earnings expectation is settling

Expecting bottoming out

Overseas CXO/ life science upstream 2Q24 review: life science upstream continuing to expect demand recovery

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

Core business recovery on track with more to expect on new initiatives

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

Optimized CoR guidance beat expectations

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening

Expecting a solid 1H23