【招商证券】 3QFY23 margin beat on cost control; Upgrade to BUY.pdf

Macro uncertainty to impact revenue growth and margin outlook

–Expecting upbeat margin on better ARM

3Q results review: Solid revenue growth with lower margin

China Catering Sector - Customer traffic recovering; to drive margins in FY23

Margin improvement driven by economies of scale

业绩略超预期，首次披露EBIT Margin彰显后市信心

Structural margin improvement trend intact

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

1Q23 earnings miss on gross margin

–Better margin outlook, with Bigo to bottom out