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

LT prospects intact; Maintain HOLD on continued margin pressure

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

65%; recovery story intact

Solid Q3 earnings signal intact growth trajectory

–The growth story is intact despite volatility

2023E growth outlook remains intact

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

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

Structural margin improvement trend intact

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