【招银国际】1Q24 beat on strong margins; Positive on upbeat SU7 delivery target.pdf

Better margin improvement ahead

Sequential margin contraction indicates inventory digestions may persist till FY23E

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

–Upbeat margin to continue

2Q23E NP to fall QoQ; Hyper margin key in 2H23

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

交通运输行业周报（8月第2周）：Q2马士基EBIT margin约7.5%，南方航空终止定增

FY22 preview： 2H22 UW margin improvement

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

Yonyou (600588 CH) Distressed margin with non-standardized cloud