【招银国际证券】BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated.pdf

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

4Q22 beat; FY23E margins likely overestimated

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

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Gradual revenue and margin recovery in FY23

Solid core music business and margin expansion outlook

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

We expect prudent guidance but decent margins

Gradual revenue and margin recovery in FY23

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均