【招银国际】Revitalizing business model; intact breakeven target.pdf

Structural margin improvement trend intact

2Q23E earnings to grow 30-65%; recovery story intact

–Margin intact with topline acceleration

LT growth intact; D/G to HOLD as the company goes through business model transformation

65%; recovery story intact

Solid 3Q with intact near-term prospects; Maintain BUY

–Weak revenue growth in the price; overseas growth story still intact

Soft consumption weighs on demand for high-ASP businesses; intact long-term outlook

宏观周报71期：特朗普称中美贸易协议完整（intact），IMF下调全球经济展望

Solid Q3 earnings signal intact growth trajectory