【招银国际证券】Expect higher contribution from AI revenue in 3Q; Upgrade to Buy.pdf

Rampup of generative AIrelated revenue on track

Gradual revenue and margin recovery in FY23

The Division of Revenues from Unexpected Demand Shocks

Inline 1Q24 results; upbeat on game revenue growth reacceleration in 2H24E

Awaiting recovery of ads revenue growth

Ad revenue growth recovery still takes time

State-by-State Hotel Revenue, Tax and Job Loss

Increase Top-Line Revenue Growth in Any Market

–Weak revenue growth in the price; overseas growth story still intact

Publisher’s Playbook: Unlock the Full Revenue Potential of Political Advertising