–Marginally drop in gas transmission volume and steady power generation
4Q22 beat; FY23E margins likely overestimated
Sequential margin contraction indicates inventory digestions may persist till FY23E
We expect prudent guidance but decent margins
Gradual revenue and margin recovery in FY23
Solid core music business and margin expansion outlook
2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气
–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E
2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均
FY22 preview： 2H22 UW margin improvement
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