Solid 3Q with intact near-term prospects; Maintain BUY
Soft consumption weighs on demand for high-ASP businesses; intact long-term outlook
–Margin intact with topline acceleration
Structural margin improvement trend intact
Revitalizing business model; intact breakeven target
65%; recovery story intact
2023E growth outlook remains intact
–The growth story is intact despite volatility
Solid Q3 earnings signal intact growth trajectory
2Q23E earnings to grow 30-65%; recovery story intact