【招银国际】off overdone; Positive on investments and margin recovery in.pdf

–2Q23 beat on record-high margin; Reiterate BUY

Better margins despite cautious sales growth

–1H23 results marginally beat; continue to implement “1+2+N” strategy

Margin dent from price cuts lingers into FY24-25

3Q results review: Solid revenue growth with lower margin

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

Distressed margin with non-standardized cloud

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

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