【招银国际】 Both sales and margin recovery are on track.pdf

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

Recovery in sight with clear margin expansion

We expect prudent guidance but decent margins

Potential store and margin expansion ahead

–1H23 results marginally beat; continue to implement “1+2+N” strategy

–Games revenue growth accelerated with solid margin expansion

off overdone; Positive on investments and margin recovery in

4Q24 margins lay foundation for FY25 earnings

Gradual revenue and margin recovery in FY23

FY22 preview： 2H22 UW margin improvement