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

交通运输行业周报（8月第2周）：Q2马士基EBIT margin约7.5%，南方航空终止定增

Gradual revenue and margin recovery in FY23

FY22 preview： 2H22 UW margin improvement

2Q23E NP to fall QoQ; Hyper margin key in 2H23

3QFY23 margin beat on cost control; Upgrade to BUY

4Q22 beat; FY23E margins likely overestimated

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

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

–Upbeat margin to continue

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