【招银国际】 Surging PHEV sales at cost of FY23E net profit.pdf

4Q22 beat; FY23E margins likely overestimated

- 保持 1H23 内联和 FY23E 指南

–Sequential margin contraction indicates inventory digestions may persist till FY23E

FY23有望延续高增长趋势，中长期业绩能见度提升

Gradual revenue and margin recovery in FY23

Expect a year of mild recovery in FY23

中国汽车行业 - 2H22E可能击败;FY23E共识被夸大了

FY23/24中期业绩点评：压铸订单延迟交付，下半财年业绩有望恢复增长

4Q22 earnings miss; sales may rise QoQ in FY23E

Reaccelerate on strong pipeline in FY23E