【招银国际】–1H23 results marginally beat; continue to implement “1+2+N” strategy.pdf

Eyes on monetization potential and margin improvement trajectory

–Expecting upbeat margin on better ARM

Structural margin improvement trend intact

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

PCB outperformed CCL in 3Q; margin improved sequentially

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

Margin improvement driven by economies of scale

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

Solid margin and attractive valuation; wait for top-line recovery

3Q24 earnings below expectations due to margin contraction