【招银国际】Strengthened earnings certainty drives valuation recovery.pdf

网易：3Q20 Earnings Call-20201119

1Q23 earnings miss on gross margin

–3Q23 earnings beat on better product mix and record-high GPM

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

Earnings beat with double surprises on dividend payout; Maintain Buy

Solid cloud rev growth with improved earnings growth outlook for e-commerce business

Expect solid 2023E earnings; Higher free float to boost valuation

2024 earnings inline; Emerging markets remain the key focus

Household debt, the Labor Share and Earnings Inequality

Solid Q3 earnings signal intact growth trajectory