【招银国际】Macro uncertainty to impact revenue growth and margin outlook.pdf

Pent-up demand boosts revenue recovery

Higher consumer internet revenue contribution boosted margin

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

Net loss in 4Q24 further narrowed; target to achieve 97% revenue growth in 2025E

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

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

Rampup of generative AIrelated revenue on track

State-by-State Hotel Revenue, Tax and Job Loss