【光大证券】4Q22E基本面有望改善，2023E毛利率或将回落.pdf

Big surprise on 2023E earnings; TP raised

Expect solid 2023E earnings; Higher free float to boost valuation

2023E growth outlook remains intact

Rich portfolios guarantee recovery in 2023E

Accelerating import substitution; positive outlook of 2023E

迈向 2023E 的良好开端

2022年业绩预告点评：全年业绩完美收官，2023E聚焦高端产品+海外布局

稳定的第三季度结果;在创纪录的支出之后，云资本支出可能在 2023E 放缓

Expect a profit turnaround in 2023E

China Internet: China online advertising: onset for gradual recovery in 2023E