【招银国际】4Q22 beat; FY23E margins likely overestimated.pdf

–Games revenue growth accelerated with solid margin expansion

FY22 preview： 2H22 UW margin improvement

Recovery in sight with clear margin expansion

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

PCB outperformed CCL in 3Q; margin improved sequentially

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

Distressed margin with non-standardized cloud

Higher consumer internet revenue contribution boosted margin

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均