【招银国际】 Solid margin and attractive valuation; wait for top-line recovery.pdf

FY2025Q2季报点评：归母净利润超预期，主业EBITA Margin有所下滑

Clear path to margin recovery; Upgrade to BUY

Solid mobile games and margin improvement support strong 1Q23 results

3Q24 earnings below expectations due to margin contraction

Margin expansion in 23E; Volume growth in 24E

–Margin intact with topline acceleration

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

保险行业研究：2024年报综述：股债双牛净利润高增，Margin提升NBV高增延续

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022

Solid core music business and margin expansion outlook