【招银国际】Better margins despite cautious sales growth.pdf

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

Better margin improvement ahead

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

China Sportswear Sector – We expect prudent guidance but decent margins

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

Sequential margin contraction indicates inventory digestions may persist till FY23E

–Looking at game monetization and better margin

2Q23E NP to fall QoQ; Hyper margin key in 2H23

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

Fair guidance but decent inventory and margin