【招银国际】2Q23 preview: solid earnings growth despite social entertainment business adjustment.pdf

4Q preview: cFX/reported sales +12.1%/6.4%

4Q preview： sales／adj. EBITDA +18%／+36%

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E

FY22 Preview： Strong execution of “3+3 Strategy”; Raise TP to HK$2.66

4Q23 earnings preview： NP to be flat QoQ

–3Q preview： flattish rev／EBITDA growth

QIYI Inc(IQ.US)4Q21 Preview 运营优化缓解顶线疲软

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

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2022 preview： Fruitful BD deals