【招银国际】–Likely to be resilient and outperform in 2H23E.pdf

PCB outperformed CCL in 3Q; margin improved sequentially

4Q22E loss to narrow; FY23 sales to outperform

Can the MedTech sector keep outperforming?

Outperforming FY22E, promising FY23E and not-far-fetching FY25E target

中国日用消费品尼尔森中国婴幼儿配方奶粉(2022年7 - 8月):整体销售依然疲弱;伊利outperforme