【招银国际】Flat FY24 earnings, with FY25 set for double-digit growth.pdf

Household debt, the Labor Share and Earnings Inequality

Impressive earnings recovery in 1Q23; Reiterate BUY

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E

–3Q23 earnings beat on strong operating leverage and business innovation

2Q23 preview: solid earnings growth despite social entertainment business adjustment

1H23E earnings preview： All eyes on the Galaxy

Earnings risk not yet priced in

–Earnings cut and de-rating may end here

3Q24 earnings below expectations due to margin contraction

Solid 1H24 earnings, better NEV outlook