【招银国际】Solid 3Q with intact near-term prospects; Maintain BUY.pdf

–Margin intact with topline acceleration

Solid Q3 earnings signal intact growth trajectory

2Q23E earnings to grow 30-65%; recovery story intact

–Weak revenue growth in the price; overseas growth story still intact

Structural margin improvement trend intact

Revitalizing business model; intact breakeven target

LT growth intact; D/G to HOLD as the company goes through business model transformation

Soft consumption weighs on demand for high-ASP businesses; intact long-term outlook

宏观周报71期：特朗普称中美贸易协议完整（intact），IMF下调全球经济展望

–The growth story is intact despite volatility