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

业绩略超预期，首次披露EBIT Margin彰显后市信心

Better margin improvement ahead

China Sportswear Sector – We expect prudent guidance but decent margins

–Better margin outlook, with Bigo to bottom out

off overdone; Positive on investments and margin recovery in

Yonyou (600588 CH) Distressed margin with non-standardized cloud

–2Q23 beat on record-high margin; Reiterate BUY

Margin dent from price cuts lingers into FY24-25

–1H23 results marginally beat; continue to implement “1+2+N” strategy

–Looking at game monetization and better margin