【招银国际】Eyes on monetization potential and margin improvement trajectory.pdf

业绩略超预期，首次披露EBIT Margin彰显后市信心

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

PCB outperformed CCL in 3Q; margin improved sequentially

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

Recovery in sight with clear margin expansion

FY22 preview： 2H22 UW margin improvement

–Games revenue growth accelerated with solid margin expansion

Gradual revenue and margin recovery in FY23

off overdone; Positive on investments and margin recovery in

–Sequential margin contraction indicates inventory digestions may persist till FY23E