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

Recovery in sight with clear margin expansion

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

FY22 net margins better than expected

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

PCB outperformed CCL in 3Q; margin improved sequentially

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

–Games revenue growth accelerated with solid margin expansion

FY22 preview： 2H22 UW margin improvement

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Gradual revenue and margin recovery in FY23