【招银国际】Solid online music business fuels robust earnings growth.pdf

10% earnings upside in FY24/25E; Reit

China Auto Sector–Oct discounts widened after 3Q23 earnings beat

–Earnings in-line; Mgmt. changes imply a new round of expansion

Improved earnings visibility favours re-rating

After-sales as earnings driver amid low valuation

Earnings outlook to mildly improve

Earnings recovery underway

–1H23 earnings beat with surprise in dividend

2Q24 beat on EV GPM and resilient core earnings; Reiterate BUY

4Q23 earnings preview： NP to be flat QoQ