【招银国际】 Maintaining strong growth momentum.pdf

1Q24 beat on strong music business growth and GPM expansion

Property: Weekly highlight: Strong WoW recovery at Mar end,policy relaxation continued

Quality growth strategy underpins strong earnings growth

China Property Sector – Feb sales a strong beat; Raise 2023 forecast

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

Strong AI capability to empower business growth

–Strong 3Q results on accelerating AI revenue

200% YoY; Strong gas trucks sales continue to be key driver

–3Q23 earnings beat on strong operating leverage and business innovation

China Consumer Sector – Strong recovery and sustainability during CNY