【招商证券】康师傅控股：GPM 将在 2H 内提高；特别股息。买。.pdf

–New-car GPM may bottom out in 2H23E

Positive profit alert alleviates GPM concerns; Upgrade to BUY

1Q24 beat on strong music business growth and GPM expansion

2Q24 beat on EV GPM and resilient core earnings; Reiterate BUY

1H24 首推 ： 受 GPM 和销售费用拖累的强劲收入增长

- GPM 扩张带来的稳健收益增长

Strong GPM expansion supported the breakeven in 2H22

2H21首发：GPM压力差于预期

–GPM pressure persists despite possible sales beat

自2024年第四季度以来，GPM持续实现同比改善。