【招银国际】Expect solid 2023E earnings; Higher free float to boost valuation.pdf

2023E 前景依然乐观

2023E growth outlook remains intact

Big surprise on 2023E earnings; TP raised

Expect a profit turnaround in 2023E

迈向 2023E 的良好开端

稳定的第三季度结果;在创纪录的支出之后，云资本支出可能在 2023E 放缓

Rich portfolios guarantee recovery in 2023E

4Q22E基本面有望改善，2023E毛利率或将回落

China Internet: China online advertising: onset for gradual recovery in 2023E

Accelerating import substitution; positive outlook of 2023E