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招银证券8月21日发布公告。Update on guidance and valuation. In view of slower-than-expected recovery in client demand due to macro headwinds, management updated its guidance on ARR to RMB3.0bn for 2023E (was RMB3.3bn), which implies 40% YoY growth, but remains confident on generating RMB600mn OCF in 2023E and on its target to deliver 50% CAGR in operating cash flow over 2023-2025E. We maintain BUY with new target price of HK$17.0, based on 8.4x 2023E EV/Sales, in line with one-year mean.