【招银国际】Recovery in sight with clear margin expansion.pdf

–Margin intact with topline acceleration

Margin expansion in 23E; Volume growth in 24E

3Q24 earnings below expectations due to margin contraction

Solid mobile games and margin improvement support strong 1Q23 results

Clear path to margin recovery; Upgrade to BUY

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

金沙中国23Q3复苏明显，EBITDA margin持续上升

LT prospects intact; Maintain HOLD on continued margin pressure

PCB outperformed CCL in 3Q; margin improved sequentially

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E