【招银国际】–Upbeat margin to continue.pdf

–Marginally drop in gas transmission volume and steady power generation

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

off overdone; Positive on investments and margin recovery in

–Games revenue growth accelerated with solid margin expansion

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

We expect prudent guidance but decent margins

Recovery in sight with clear margin expansion

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

Gradual revenue and margin recovery in FY23

4Q22 beat; FY23E margins likely overestimated