【招银国际】中国汽车板块:2H22E可能被打破;FY23E共识夸大了.pdf

Sequential margin contraction indicates inventory digestions may persist till FY23E

Gradual revenue and margin recovery in FY23

Reaccelerate on strong pipeline in FY23E

FY23有望延续高增长趋势，中长期业绩能见度提升

–Sequential margin contraction indicates inventory digestions may persist till FY23E

没有FY23E指导，但风险回报在那里

4Q22 beat; FY23E margins likely overestimated

Gradual revenue and margin recovery in FY23

稳健的 FY23 具有更好的盈利能力

1H FY23收入符合预期