【招银国际】–International expansion drove a strong beat for 3Q results.pdf

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

China Consumer Sector: Strong recovery and sustainability during CNY

Inline 3Q23 results; strong music subscription revenue growth

–Strong sales momentum continued in 3Q

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

Strong cRPO growth and GenAI momentum

Expect strong growth to continue after the impressive 1H23; U／G to BUY

–Strong 3Q results on accelerating AI revenue

1Q24 beat on strong music business growth and GPM expansion

Core educational business sustained strong momentum