【招银国际】1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H.pdf

Potential store and margin expansion ahead

Distressed margin with non-standardized cloud

–Marginally drop in gas transmission volume and steady power generation

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

Record-high FY24 NPM of 28.8% underpins ability to maintain high margins

Recovery in sight with clear margin expansion

4Q24 margins lay foundation for FY25 earnings

–Games revenue growth accelerated with solid margin expansion

Gradual revenue and margin recovery in FY23

–Sequential margin contraction indicates inventory digestions may persist till FY23E