【招银国际】Better margins despite cautious sales growth.pdf

Margin expansion in 23E; Volume growth in 24E

LT prospects intact; Maintain HOLD on continued margin pressure

Solid mobile games and margin improvement support strong 1Q23 results

–2Q23 beat on record-high margin; Reiterate BUY

Eyes on monetization potential and margin improvement trajectory

Both sales and margin recovery are on track

Margin dent from price cuts lingers into FY24-25

Solid margin and attractive valuation; wait for top-line recovery

FY2025Q2季报点评：归母净利润超预期，主业EBITA Margin有所下滑

Recent sell-off overdone; Positive on investments and margin recovery in FY24-25E