【招商证券】 FY22 net margins better than expected.pdf

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

Providing Better Price Signals Through Fuel Taxation

Distributor’s Jan sales flat yoy; we believe market performed better

–Looking at game monetization and better margin

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E

China Technology – Semi field trip takeaways： darkness before dawn; fabless better positioned than SPE／materials

Building Better Formal Tvet Systems

Better margin improvement ahead

–Better margin outlook, with Bigo to bottom out

Hopson： weaker but much better than peers FY22