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

Both sales and margin recovery are on track

业绩略超预期，首次披露EBIT Margin彰显后市信心

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

3Q24 earnings below expectations due to margin contraction

3QFY23 margin beat on cost control; Upgrade to BUY

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

FY22 net margins better than expected

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

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

Fair guidance but decent inventory and margin