【招银国际】–Strong 3Q results on accelerating AI revenue.pdf

Core earnings a nice beat; Cloud revenue growth has the potential to accelerate further

Net loss in 4Q24 further narrowed; target to achieve 97% revenue growth in 2025E

Rampup of generative AIrelated revenue on track

Cloud revenue growth and AI related monetization remain keys to watch

Higher consumer internet revenue contribution boosted margin

2022 Hotel Room Revenue by State

Maximizing Output and Government Revenues from Mining in Developing Countries

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

Inline 2Q24 results; games business to drive revenue growth acceleration in 2H24E

–Consumer wallet share gain strategy boosted revenue and earnings growth