【招银国际】–Strong 3Q results on accelerating AI revenue.pdf

2H24 preview: both revenue, NP stable HoH

–Game business weighed on revenue growth despite resilient ad and VAS business

Cloud revenue growth and AI related monetization remain keys to watch

Ad revenue growth recovery still takes time

Maximizing Output and Government Revenues from Mining in Developing Countries

Inline 2Q24 results; games business to drive revenue growth acceleration in 2H24E

Rampup of generative AIrelated revenue on track

Pent-up demand boosts revenue recovery

Higher consumer internet revenue contribution boosted margin

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy