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

Margin expansion in 23E; Volume growth in 24E

3Q results review: Solid revenue growth with lower margin

China Catering Sector - Customer traffic recovering; to drive margins in FY23

Eyes on monetization potential and margin improvement trajectory

交通运输行业周报（8月第2周）：Q2马士基EBIT margin约7.5%，南方航空终止定增

Both sales and margin recovery are on track

–Better margin outlook, with Bigo to bottom out

–2Q23 beat on record-high margin; Reiterate BUY

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

–Clear path to margin recovery; Upgrade to BUY