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招银证券5月25日发布公告。Earnings recovery well on track; Maintain BUY. Despite near-term macro weakness, we believe its earnings will continue to maintain YoY growth in 2Q/3Q/4Q23E, driven by cost improvement, healthy inventory and narrowing revenue decline. We slightly adjusted our forecasts and our new TP of HK$15.22 is based on same 24x FY24E P/E. Maintain BUY. Upcoming catalysts include new product launch, EV progress and market share gain.