【招银国际】 Solid mobile games and margin improvement support strong 1Q23 results.pdf

China Catering Sector - Customer traffic recovering; to drive margins in FY23

Margin expansion in 23E; Volume growth in 24E

–Games revenue growth accelerated with solid margin expansion

–Sequential margin contraction indicates inventory digestions may persist till FY23E

We expect prudent guidance but decent margins

Recovery in sight with clear margin expansion

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

业绩略超预期，首次披露EBIT Margin彰显后市信心

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

Macro uncertainty to impact revenue growth and margin outlook