【招银国际】Inline 3Q23 results; strong music subscription revenue growth.pdf

Strong sales in Q3, with a narrowed net loss

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

Strong and sustainable non-COVID growth

Strong AI capability to empower business growth

–International expansion drove a strong beat for 3Q results

Quality growth strategy underpins strong earnings growth

China Property Sector – Feb sales a strong beat; Raise 2023 forecast

Solid mobile games and margin improvement support strong 1Q23 results

Property: Weekly highlight: Strong WoW recovery at Mar end,policy relaxation continued

Technology: AI Server and AI PC/smartphone supply chain set to continue strong momentum into 1H24E