【华泰证券】金沙中国23Q3复苏明显，EBITDA margin持续上升.pdf

–2Q23 beat on record-high margin; Reiterate BUY

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

Multiple growth drivers and improving margin to continue into 2025; Raise TP to HK$53.48

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

Margin expansion in 23E; Volume growth in 24E

–Margin intact with topline acceleration

Solid core music business and margin expansion outlook

Margin improvement driven by economies of scale