【招银国际】1Q24 beat on strong margins; Positive on upbeat SU7 delivery target.pdf

–Sequential margin contraction indicates inventory digestions may persist till FY23E

off overdone; Positive on investments and margin recovery in

Gradual revenue and margin recovery in FY23

Distressed margin with non-standardized cloud

Higher consumer internet revenue contribution boosted margin

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

–1H23 results marginally beat; continue to implement “1+2+N” strategy

We expect prudent guidance but decent margins

Recovery in sight with clear margin expansion