【招银国际】2Q23 was inline and FY23E guidance stayed.pdf

没有FY23E指导，但风险回报在那里

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Gradual revenue and margin recovery in FY23

FY23有望延续高增长趋势，中长期业绩能见度提升

4Q22 beat; FY23E margins likely overestimated

稳健的 FY23 具有更好的盈利能力

Reaccelerate on strong pipeline in FY23E

1H FY23收入符合预期

Gradual revenue and margin recovery in FY23

2Q23 earnings preview： NP to rise QoQ in FY23E