【招银国际】 Expect sustainable DPS growth onwards.pdf

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E

–2023 guidance cut, expecting recovery in 2024

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

Expect higher ASP following China’s stimulus

Net profit 1H24 +2.7x YoY, beat expectations

Expecting an upbeat bottom line for 2Q results

Expect steady growth with policy tailwinds

China Economy: Exports continued to beat expectations with uncertainty ahead

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

3Q24 earnings below expectations due to margin contraction