【申万宏源】银河娱乐 Valuation Rerating.pdf

After-sales as earnings driver amid low valuation

Fair valuation despite FY22 high earnings quality

Expect solid 2023E earnings; Higher free float to boost valuation

–1H23 weakness in-line; Maintain HOLD on fair valuation

Solid margin and attractive valuation; wait for top-line recovery

Attractive valuation with likely resilient earnings

Improving CNY sales; Stay Neutral on demanding valuation

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

Mid-teen top-line growth and a 90% dividend payout sustain the valuation premium over peers

Lifting TP on adding major R&D valuation