【招银国际】3Q results review: Solid revenue growth with lower margin.pdf

Saving Lives While Raising Revenue

Inline 1Q24 results; upbeat on game revenue growth reacceleration in 2H24E

China Technology–SMIC／Hua Hong Semi 3Q23：in-line revenue; ASP／GPM pressure to persist into 4Q23E

–Strong 3Q results on accelerating AI revenue

–Games revenue growth accelerated with solid margin expansion

Expecting inline 3Q revenue growth with upside coming from bottom line

–Generative AI related revenue generation ramping up

2022 State and Local Tax Revenue by State

Inline 3Q23 results; strong music subscription revenue growth

Higher consumer internet revenue contribution boosted margin