【招商证券】 3QFY23 margin beat on cost control; Upgrade to BUY.pdf

Eyes on monetization potential and margin improvement trajectory

Margin dent from price cuts lingers into FY24-25

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

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

交通运输行业周报（8月第2周）：Q2马士基EBIT margin约7.5%，南方航空终止定增

4Q22 beat; FY23E margins likely overestimated

Solid mobile games and margin improvement support strong 1Q23 results

Gradual revenue and margin recovery in FY23

3Q24 earnings below expectations due to margin contraction

Structural margin improvement trend intact