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

Better margins despite cautious sales growth

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

Margin dent from price cuts lingers into FY24-25

–1H23 results marginally beat; continue to implement “1+2+N” strategy

3Q results review: Solid revenue growth with lower margin

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

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

off overdone; Positive on investments and margin recovery in

1Q23 earnings miss on gross margin

–Better margin outlook, with Bigo to bottom out