【招银国际】 Fair guidance but decent inventory and margin.pdf

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

Recovery in sight with clear margin expansion

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

PCB outperformed CCL in 3Q; margin improved sequentially

–Games revenue growth accelerated with solid margin expansion

FY22 preview： 2H22 UW margin improvement

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Gradual revenue and margin recovery in FY23

off overdone; Positive on investments and margin recovery in

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气