【招银国际】Better margin improvement ahead.pdf

Fair guidance but decent inventory and margin

FY22 preview： 2H22 UW margin improvement

–Games revenue growth accelerated with solid margin expansion

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

PCB outperformed CCL in 3Q; margin improved sequentially

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

Recovery in sight with clear margin expansion

We expect prudent guidance but decent margins

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

–1H23 results marginally beat; continue to implement “1+2+N” strategy