【招银国际】65%; recovery story intact.pdf

LT growth intact; D/G to HOLD as the company goes through business model transformation

Structural margin improvement trend intact

Revitalizing business model; intact breakeven target

–Margin intact with topline acceleration

Soft consumption weighs on demand for high-ASP businesses; intact long-term outlook

Solid 3Q with intact near-term prospects; Maintain BUY

LT prospects intact; Maintain HOLD on continued margin pressure

2Q23E earnings to grow 30-65%; recovery story intact

–The growth story is intact despite volatility

–Weak revenue growth in the price; overseas growth story still intact