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

–Clear path to margin recovery; Upgrade to BUY

China Catering Sector: Customer traffic recovering; to drive margins in FY23

金沙中国23Q3复苏明显，EBITDA margin持续上升

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

PCB outperformed CCL in 3Q; margin improved sequentially

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022

Solid core music business and margin expansion outlook

Margin improvement driven by economies of scale