【招银国际】中国汽车行业 - 2H22E可能击败;FY23E共识被夸大了.pdf

China Food & Beverage Sector - FY23 growth from re-opening and falling costs

Dragged by 4Q22 but FY23E outlook still bright

FY23/24中期业绩点评：压铸订单延迟交付，下半财年业绩有望恢复增长

Gradual revenue and margin recovery in FY23

China Catering Sector: Customer traffic recovering; to drive margins in FY23

FY23业绩超预期，技术进步+产能扩张持续驱动未来高增长

Reaccelerate on strong pipeline in FY23E

Expect a year of mild recovery in FY23

FY23加大折扣以加速库存恢复正常

FY23业绩逊预期