【招银国际】LT growth intact; D/G to HOLD as the company goes through business model transformation.pdf

–Margin intact with topline acceleration

Solid Q3 earnings signal intact growth trajectory

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

Revitalizing business model; intact breakeven target

65%; recovery story intact

Solid 3Q with intact near-term prospects; Maintain BUY

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

2023E growth outlook remains intact

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

Structural margin improvement trend intact