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

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

–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth

业绩略超预期，首次披露EBIT Margin彰显后市信心

Eyes on monetization potential and margin improvement trajectory

Both sales and margin recovery are on track

–Clear path to margin recovery; Upgrade to BUY

Macro uncertainty to impact revenue growth and margin outlook

–Games revenue growth accelerated with solid margin expansion

–Sequential margin contraction indicates inventory digestions may persist till FY23E

China Catering Sector - Customer traffic recovering; to drive margins in FY23