【招银国际】Cloud revenue growth and AI related monetization remain keys to watch.pdf

2H24 preview: both revenue, NP stable HoH

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

Ad revenue growth recovery still takes time

Maximizing Output and Government Revenues from Mining in Developing Countries

–Game business weighed on revenue growth despite resilient ad and VAS business

Rampup of generative AIrelated revenue on track

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

Pent-up demand boosts revenue recovery

Higher consumer internet revenue contribution boosted margin

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