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

Structural margin improvement trend intact

–Expecting upbeat margin on better ARM

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

Margin improvement driven by economies of scale

PCB outperformed CCL in 3Q; margin improved sequentially

FY22 net margins better than expected

–Margin intact with topline acceleration

1Q23 earnings miss on gross margin

Higher consumer internet revenue contribution boosted margin

Solid margin and attractive valuation; wait for top-line recovery