【第一上海证券】多重影响下FY23业绩承压，内销有望实现疫后逐步复苏.pdf

Sequential margin contraction indicates inventory digestions may persist till FY23E

Gradual revenue and margin recovery in FY23

4Q22 beat; FY23E margins likely overestimated

Reaccelerate on strong pipeline in FY23E

–Sequential margin contraction indicates inventory digestions may persist till FY23E

没有FY23E指导，但风险回报在那里

FY23有望延续高增长趋势，中长期业绩能见度提升

Gradual revenue and margin recovery in FY23

稳健的 FY23 具有更好的盈利能力

1H FY23收入符合预期