【招银国际】off overdone; Positive on investments and margin recovery in.pdf

–Games revenue growth accelerated with solid margin expansion

4Q24 margins lay foundation for FY25 earnings

Recovery in sight with clear margin expansion

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

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

We expect prudent guidance but decent margins

Potential store and margin expansion ahead

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target