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招银证券6月30日发布公告。Maintain BUY but cut TP to HK$3.78. We cut FY3/24E-25E net profit by7-8% to factor in the miss in earnings, lower than expected GP margin and operating leverage and higher than expected tax rate. We reiterate BUY because we think the worst could be gone and share price had a big retreat already. Our TP is based on14x FY3/24E P/E (no changes), vs a16% FY3/23-26E NP CAGR and a5-year average of16x. It is trading at12x P/E.

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