【招银国际】1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H.pdf

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

off overdone; Positive on investments and margin recovery in

3Q results review: Solid revenue growth with lower margin

Better margins despite cautious sales growth

–2Q23 beat on record-high margin; Reiterate BUY

Margin dent from price cuts lingers into FY24-25

Distressed margin with non-standardized cloud

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

–Better margin outlook, with Bigo to bottom out