【招银国际】4Q24 margins lay foundation for FY25 earnings.pdf

金沙中国23Q3复苏明显，EBITDA margin持续上升

–Clear path to margin recovery; Upgrade to BUY

3QFY23 margin beat on cost control; Upgrade to BUY

Both sales and margin recovery are on track

Macro uncertainty to impact revenue growth and margin outlook

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

–Expecting upbeat margin on better ARM

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

Structural margin improvement trend intact

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth