Profitability over scale after achieving more balanced land bank Mega order intake to boost earnings in 2022E-23E;Raise earnings forecast and TP Positive development direction despite a slower progress in China Maintained dominant position in TAVR market Conservative guidance after a strong result Share award scheme to boost future growth Stable Growth Strategy Report: Gauging a bottom of the HSI Beginning of multi-year growth cycle; Initiate BUY on Willsemi and GalaxyCore HONGQI – Reiterate OW on solid fundamental and diversification play