Margin expansion in 23E; Volume growth in 24E
–2Q23 beat on record-high margin; Reiterate BUY
Better margins despite cautious sales growth
Margin dent from price cuts lingers into FY24-25
China Catering Sector - Customer traffic recovering; to drive margins in FY23
–Better margin outlook, with Bigo to bottom out
Better margin improvement ahead
–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth
业绩略超预期,首次披露EBIT Margin彰显后市信心
Yonyou (600588 CH) Distressed margin with non-standardized cloud