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

Margin dent from price cuts lingers into FY24-25

Eyes on monetization potential and margin improvement trajectory

Better margins despite cautious sales growth

–Better margin outlook, with Bigo to bottom out

3Q results review: Solid revenue growth with lower margin

–2Q23 beat on record-high margin; Reiterate BUY

1Q23 earnings miss on gross margin

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

Multiple growth drivers and improving margin to continue into 2025; Raise TP to HK$53.48

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