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

–Games revenue growth accelerated with solid margin expansion

off overdone; Positive on investments and margin recovery in

4Q24 margins lay foundation for FY25 earnings

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

Recovery in sight with clear margin expansion

We expect prudent guidance but decent margins

Potential store and margin expansion ahead

–1H23 results marginally beat; continue to implement “1+2+N” strategy

–Sequential margin contraction indicates inventory digestions may persist till FY23E

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