【招银国际】 Solid margin and attractive valuation; wait for top-line recovery.pdf

Fair guidance but decent inventory and margin

Higher consumer internet revenue contribution boosted margin

Recent sell-off overdone; Positive on investments and margin recovery in FY24-25E

FY22 net margins better than expected

–Marginally drop in gas transmission volume and steady power generation

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

Distressed margin with non-standardized cloud

Better margin improvement ahead

交通运输行业周报（8月第2周）：Q2马士基EBIT margin约7.5%，南方航空终止定增

China Sportswear Sector – We expect prudent guidance but decent margins