【华泰证券】金沙中国23Q3复苏明显，EBITDA margin持续上升.pdf

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

Both sales and margin recovery are on track

Macro uncertainty to impact revenue growth and margin outlook

3QFY23 margin beat on cost control; Upgrade to BUY

–Clear path to margin recovery; Upgrade to BUY

–Upbeat margin to continue

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

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

Structural margin improvement trend intact

–Expecting upbeat margin on better ARM