【招银国际】4Q24 margins lay foundation for FY25 earnings.pdf

1Q23 earnings miss on gross margin

–2Q23 beat on record-high margin; Reiterate BUY

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

–Better margin outlook, with Bigo to bottom out

Better margins despite cautious sales growth

Eyes on monetization potential and margin improvement trajectory

Margin dent from price cuts lingers into FY24-25

3Q results review: Solid revenue growth with lower margin

Multiple growth drivers and improving margin to continue into 2025; Raise TP to HK$53.48

FY2025Q2季报点评：归母净利润超预期，主业EBITA Margin有所下滑