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

–Expecting upbeat margin on better ARM

PCB outperformed CCL in 3Q; margin improved sequentially

–Marginally drop in gas transmission volume and steady power generation

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

Recovery in sight with clear margin expansion

业绩略超预期，首次披露EBIT Margin彰显后市信心

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

FY22 preview： 2H22 UW margin improvement

–Games revenue growth accelerated with solid margin expansion

Gradual revenue and margin recovery in FY23