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

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

3Q24 earnings below expectations due to margin contraction

Clear path to margin recovery; Upgrade to BUY

Solid mobile games and margin improvement support strong 1Q23 results

Margin expansion in 23E; Volume growth in 24E

–Margin intact with topline acceleration

保险行业研究：2024年报综述：股债双牛净利润高增，Margin提升NBV高增延续

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

Margin improvement driven by economies of scale