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

We expect prudent guidance but decent margins

Sequential margin contraction indicates inventory digestions may persist till FY23E

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

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

Fair guidance but decent inventory and margin

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

China Sportswear Sector – We expect prudent guidance but decent margins

–Looking at game monetization and better margin

–Marginally drop in gas transmission volume and steady power generation

–Expecting upbeat margin on better ARM