【招银国际】4Q22 beat; FY23E margins likely overestimated.pdf

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

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

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

Multiple growth drivers and improving margin to continue into 2025; Raise TP to HK$53.48

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

Margin expansion in 23E; Volume growth in 24E

3Q24 earnings below expectations due to margin contraction

LT prospects intact; Maintain HOLD on continued margin pressure

Solid mobile games and margin improvement support strong 1Q23 results

PCB outperformed CCL in 3Q; margin improved sequentially