【招银国际】 Fair guidance but decent inventory and margin.pdf

–Better margin outlook, with Bigo to bottom out

3Q24 earnings below expectations due to margin contraction

Clear path to margin recovery; Upgrade to BUY

3Q results review: Solid revenue growth with lower margin

Solid mobile games and margin improvement support strong 1Q23 results

FY2025Q2季报点评：归母净利润超预期，主业EBITA Margin有所下滑

Margin expansion in 23E; Volume growth in 24E

–Margin intact with topline acceleration

Margin improvement driven by economies of scale

Solid core music business and margin expansion outlook