网易:3Q20 Earnings Call-20201119
1H23E earnings preview: All eyes on the Galaxy
Earnings beat with double surprises on dividend payout; Maintain Buy
Auto: Stable discounts imply resilient 3Q earnings
2Q23 preview: solid earnings growth despite social entertainment business adjustment
–3Q23 earnings beat on strong operating leverage and business innovation
Solid 1H24 earnings, better NEV outlook
Impressive earnings recovery in 1Q23; Reiterate BUY
–Earnings cut and de-rating may end here
3Q24 earnings below expectations due to margin contraction