【招银国际】Higher consumer internet revenue contribution boosted margin.pdf

2022 State and Local Tax Revenue by State

Rampup of generative AIrelated revenue on track

Inline 2Q24 results; games business to drive revenue growth acceleration in 2H24E

Ad revenue growth recovery still takes time

Maximizing Output and Government Revenues from Mining in Developing Countries

Cloud revenue growth and AI related monetization remain keys to watch

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

Pent-up demand boosts revenue recovery

–Consumer wallet share gain strategy boosted revenue and earnings growth

–Weak revenue growth in the price; overseas growth story still intact