【招银国际】LT growth intact; D/G to HOLD as the company goes through business model transformation.pdf

2023E growth outlook remains intact

LT prospects intact; Maintain HOLD on continued margin pressure

Revitalizing business model; intact breakeven target

Solid 3Q with intact near-term prospects; Maintain BUY

Soft consumption weighs on demand for high-ASP businesses; intact long-term outlook

Solid Q3 earnings signal intact growth trajectory

–The growth story is intact despite volatility

Structural margin improvement trend intact

–Margin intact with topline acceleration

2Q23E earnings to grow 30-65%; recovery story intact