【招商证券】 3QFY23 margin beat on cost control; Upgrade to BUY.pdf

Distressed margin with non-standardized cloud

–Games revenue growth accelerated with solid margin expansion

4Q24 margins lay foundation for FY25 earnings

off overdone; Positive on investments and margin recovery in

Recovery in sight with clear margin expansion

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

–1H23 results marginally beat; continue to implement “1+2+N” strategy

Potential store and margin expansion ahead

We expect prudent guidance but decent margins

–Sequential margin contraction indicates inventory digestions may persist till FY23E