【招银国际】 Online music business maintains solid growth amid macro uncertainty.pdf

–1H23 profit warning worse than feared; Maintain Hold

1Q23 beat on better GPM; Maintain HOLD on fair valuation

Solid 3Q with intact near-term prospects; Maintain BUY

–1H23 profit warning; Maintain BUY on 2H gradual recovery

Solid 1H24 with balanced sources of growth, maintain BUY

FY24E target maintained but we are cautious

COVID business to maintain solid growth

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

Maintaining conservative outlook

Reverse roadshow takeaways： high demand continues, Maintain Buy