【招银国际证券】BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated.pdf

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

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

FY22 preview： 2H22 UW margin improvement

Gradual revenue and margin recovery in FY23

Gradual revenue and margin recovery in FY23

4Q22 beat; FY23E margins likely overestimated

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

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