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

Gradual revenue and margin recovery in FY23

FY22 preview： 2H22 UW margin improvement

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

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

Gradual revenue and margin recovery in FY23

4Q22 beat; FY23E margins likely overestimated

–Sequential margin contraction indicates inventory digestions may persist till FY23E

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

We expect prudent guidance but decent margins

Potential store and margin expansion ahead