【招银国际】1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24.pdf

1Q23 earnings miss on gross margin

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

–Better margin outlook, with Bigo to bottom out

Better margins despite cautious sales growth

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

3Q results review: Solid revenue growth with lower margin

Multiple growth drivers and improving margin to continue into 2025; Raise TP to HK$53.48

FY2025Q2季报点评：归母净利润超预期，主业EBITA Margin有所下滑

Eyes on monetization potential and margin improvement trajectory

Margin dent from price cuts lingers into FY24-25