【招银国际】中国汽车行业:2h22e可能节拍;fy23e共识被夸大.pdf

FY23有望延续高增长趋势，中长期业绩能见度提升

中国汽车行业 - 2H22E可能击败;FY23E共识被夸大了

Gradual revenue and margin recovery in FY23

–Sequential margin contraction indicates inventory digestions may persist till FY23E

4Q22 beat; FY23E margins likely overestimated

Expect a year of mild recovery in FY23

Gradual revenue and margin recovery in FY23

4Q22 earnings miss; sales may rise QoQ in FY23E

Reaccelerate on strong pipeline in FY23E

FY23经营压力释放，FY24展望积极