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

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

Both sales and margin recovery are on track

–Clear path to margin recovery; Upgrade to BUY

Eyes on monetization potential and margin improvement trajectory

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

Margin dent from price cuts lingers into FY24-25

–Better margin outlook, with Bigo to bottom out

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

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

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