【招银国际】 Solid mobile games and margin improvement support strong 1Q23 results.pdf

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

Both sales and margin recovery are on track

Macro uncertainty to impact revenue growth and margin outlook

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

3QFY23 margin beat on cost control; Upgrade to BUY

–Clear path to margin recovery; Upgrade to BUY

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

Structural margin improvement trend intact

–Upbeat margin to continue

China Catering Sector - Customer traffic recovering; to drive margins in FY23