Gradual revenue and margin recovery in FY23
FY22 preview： 2H22 UW margin improvement
2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均
1Q24 beat on strong margins; Positive on upbeat SU7 delivery target
4Q22 beat; FY23E margins likely overestimated
–Sequential margin contraction indicates inventory digestions may persist till FY23E
Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q
We expect prudent guidance but decent margins
Potential store and margin expansion ahead
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