【招银国际】1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H.pdf

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

FY22 net margins better than expected

Recent sell-off overdone; Positive on investments and margin recovery in FY24-25E

Higher consumer internet revenue contribution boosted margin

Fair guidance but decent inventory and margin

Distressed margin with non-standardized cloud

Solid margin and attractive valuation; wait for top-line recovery

–Marginally drop in gas transmission volume and steady power generation

China Sportswear Sector – We expect prudent guidance but decent margins

Yonyou (600588 CH) Distressed margin with non-standardized cloud