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

–Looking at game monetization and better margin

2Q23E NP to fall QoQ; Hyper margin key in 2H23

Sequential margin contraction indicates inventory digestions may persist till FY23E

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

China Sportswear Sector – We expect prudent guidance but decent margins

Yonyou (600588 CH) Distressed margin with non-standardized cloud

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

Better margin improvement ahead

Distressed margin with non-standardized cloud

–Marginally drop in gas transmission volume and steady power generation