【招银国际】Structural margin improvement trend intact.pdf

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

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

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

Sequential margin contraction indicates inventory digestions may persist till FY23E

–Expecting upbeat margin on better ARM

–Looking at game monetization and better margin

–Marginally drop in gas transmission volume and steady power generation

业绩略超预期，首次披露EBIT Margin彰显后市信心

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

FY22 net margins better than expected