Recent sell-off overdone; Positive on investments and margin recovery in FY24-25E
Fair guidance but decent inventory and margin
Sequential margin contraction indicates inventory digestions may persist till FY23E
Solid margin and attractive valuation; wait for top-line recovery
1H24 preview: margin weakness priced in; expect gradual ASP/margin recovery in 2H
FY22 net margins better than expected
BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated
China Sportswear Sector – We expect prudent guidance but decent margins
Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q
–Marginally drop in gas transmission volume and steady power generation