【招银国际】–Sequential margin contraction indicates inventory digestions may persist till FY23E.pdf

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

3Q24 earnings below expectations due to margin contraction

Clear path to margin recovery; Upgrade to BUY

Solid mobile games and margin improvement support strong 1Q23 results

Margin expansion in 23E; Volume growth in 24E

–Margin intact with topline acceleration

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

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

Margin improvement driven by economies of scale

Solid core music business and margin expansion outlook