【招银国际】 Pent-up demand boosts revenue recovery.pdf

–Strong 3Q results on accelerating AI revenue

–Games revenue growth accelerated with solid margin expansion

Expecting inline 3Q revenue growth with upside coming from bottom line

Saving Lives While Raising Revenue

China Technology–SMIC／Hua Hong Semi 3Q23：in-line revenue; ASP／GPM pressure to persist into 4Q23E

–Generative AI related revenue generation ramping up

2022 State and Local Tax Revenue by State

Inline 3Q23 results; strong music subscription revenue growth

Higher consumer internet revenue contribution boosted margin

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