【招商证券】China Catering Sector - Customer traffic recovering; to drive margins in FY23.pdf

Distressed margin with non-standardized cloud

–Looking at game monetization and better margin

Higher consumer internet revenue contribution boosted margin

–Marginally drop in gas transmission volume and steady power generation

–1H23 results marginally beat; continue to implement “1+2+N” strategy

Motor Oil (MORr.AT) 1Q25: Strong utilization rates and higher qtd refining margins; Negative FCF’25 keeps us Neutral rated

China Sportswear Sector – We expect prudent guidance but decent margins

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

off overdone; Positive on investments and margin recovery in

FY22 preview： 2H22 UW margin improvement