Incremental shipments from market reposition delay
- 1H22 profit decreased 71% y-o-y, in line with the profit warning in July
- Reduce FY22/23F CCM shipment growth from 5%/32% to -3%/12%, while that of FY24F increased from 10% to 19%
- FY22/23/24F revenue and net profit lowered by 24%/32%/27% and 58%/56%/34%, as expected incremental shipments face market reposition delay
- Maintain BUY on undemanding valuation and margin improvement from premiumisation strategy, TP lowered to HK$5.2
