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招银证券8月18日发布公告。Valuation. Our TP is DCF-based. In our model, we assume a WACC of8.0%, risk-free rate of3.5%, risk premium of5.0%, beta of1.5, and terminal growth of2%. Our TP implies16.2x end-23E P/E, and this compares to the stock’s pre-pandemic multiple.