【招银国际】3Q results review: Solid revenue growth with lower margin.pdf

Awaiting recovery of ads revenue growth

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

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

China Technology–SMIC／Hua Hong Semi 3Q23：in-line revenue; ASP／GPM pressure to persist into 4Q23E

Maximizing Output and Government Revenues from Mining in Developing Countries

2022 Hotel Room Revenue by State

Higher consumer internet revenue contribution boosted margin

Cloud revenue growth and AI related monetization remain keys to watch

Rampup of generative AIrelated revenue on track

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