【招银国际】 Impressive 1Q23 earnings; Higher earnings forecast & TP; More catalysts ahead.pdf

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

–Earnings cut and de-rating may end here

Solid 1H24 earnings, better NEV outlook

3Q24 earnings below expectations due to margin contraction

Impressive earnings recovery in 1Q23; Reiterate BUY

1Q25 Earnings Rebound Notably, Games/Films Shine

Earnings risk not yet priced in

–3Q23 earnings beat on strong operating leverage and business innovation

Solid cloud rev growth with improved earnings growth outlook for e-commerce business

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