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

Core business maintains a healthy growth momentum

Maintaining strong growth momentum

Yanlord：Resilient FY22 results and business model; maintain Buy

COVID business to maintain solid growth

Solid 1H24 with balanced sources of growth, maintain BUY

FY24E target maintained but we are cautious

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

–1H23 profit warning worse than feared; Maintain Hold

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

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