【招银国际】LT prospects intact; Maintain HOLD on continued margin pressure.pdf

Revitalizing business model; intact breakeven target

LT growth intact; D/G to HOLD as the company goes through business model transformation

Solid Q3 earnings signal intact growth trajectory

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

–The growth story is intact despite volatility

2023E growth outlook remains intact

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

65%; recovery story intact

宏观周报71期：特朗普称中美贸易协议完整（intact），IMF下调全球经济展望

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