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

Margin dent from price cuts lingers into FY24-25

FY22 net margins better than expected

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

Fair guidance but decent inventory and margin

Recent sell-off overdone; Positive on investments and margin recovery in FY24-25E

–Expecting upbeat margin on better ARM

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

Both sales and margin recovery are on track

业绩略超预期，首次披露EBIT Margin彰显后市信心

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