【招银国际】–1H23 profit warning worse than feared; Maintain Hold.pdf

–1H23 profit warning; Maintain BUY on 2H gradual recovery

Online music business maintains solid growth amid macro uncertainty

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

Solid 3Q with intact near-term prospects; Maintain BUY

FY24E target maintained but we are cautious

COVID business to maintain solid growth

1Q23 beat on better GPM; Maintain HOLD on fair valuation

Solid 1H24 with balanced sources of growth, maintain BUY

Maintaining conservative outlook

Reverse roadshow takeaways： high demand continues, Maintain Buy