【招银国际】稳健的 FY23 具有更好的盈利能力.pdf

Gradual revenue and margin recovery in FY23

4Q22 earnings miss; sales may rise QoQ in FY23E

Reaccelerate on strong pipeline in FY23E

FY23经营压力释放，FY24展望积极

FY23业绩大致合乎预期，未来推进更高质量目标

FY23产品收入强劲，FY24重点关注泰它西普海外进展，维持买入评级

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

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Expect a year of mild recovery in FY23

Gradual revenue and margin recovery in FY23