【招银国际】Sequential margin contraction indicates inventory digestions may persist till FY23E.pdf

Solid core music business and margin expansion outlook

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

We expect prudent guidance but decent margins

Gradual revenue and margin recovery in FY23

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均

4Q22 beat; FY23E margins likely overestimated

–Sequential margin contraction indicates inventory digestions may persist till FY23E

Gradual revenue and margin recovery in FY23

–Games revenue growth accelerated with solid margin expansion

4Q24 margins lay foundation for FY25 earnings