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

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

Margin dent from price cuts lingers into FY24-25

3Q results review: Solid revenue growth with lower margin

Sequential margin contraction indicates inventory digestions may persist till FY23E

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

China Sportswear Sector – We expect prudent guidance but decent margins

Solid core music business and margin expansion outlook

–Marginally drop in gas transmission volume and steady power generation

Solid mobile games and margin improvement support strong 1Q23 results

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022