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

Solid margin and attractive valuation; wait for top-line recovery

4Q24 margins lay foundation for FY25 earnings

off overdone; Positive on investments and margin recovery in

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

–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

Potential store and margin expansion ahead

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