【招银国际】 Earnings beat with double surprises on dividend payout; Maintain Buy.pdf

LT prospects intact; Maintain HOLD on continued margin pressure

Expansion outside Zhejiang to support GFA growth; Maintain BUY

Yanlord：Resilient FY22 results and business model; maintain Buy

Maintaining strong growth momentum

Gen AI business maintains momentum on increased AI investment

China Policy – Politburo maintains pro-growth stance while ruling out big stimulus

Maintaining conservative outlook

Reverse roadshow takeaways： high demand continues, Maintain Buy

Record-high FY24 NPM of 28.8% underpins ability to maintain high margins

1Q in line; 2023 guidance maintained