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

Structural margin improvement trend intact

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

65%; recovery story intact

2023E growth outlook remains intact

–The growth story is intact despite volatility

Solid Q3 earnings signal intact growth trajectory

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

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

–Margin intact with topline acceleration

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