【招银国际】Sequential margin contraction indicates inventory digestions may persist till FY23E.pdf

Yonyou (600588 CH) Distressed margin with non-standardized cloud

FY22 preview： 2H22 UW margin improvement

Gradual revenue and margin recovery in FY23

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

Gradual revenue and margin recovery in FY23

4Q22 beat; FY23E margins likely overestimated

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气