【招银国际】Eyes on monetization potential and margin improvement trajectory.pdf

4Q24 margins lay foundation for FY25 earnings

–Games revenue growth accelerated with solid margin expansion

Potential store and margin expansion ahead

Record-high FY24 NPM of 28.8% underpins ability to maintain high margins

Recovery in sight with clear margin expansion

We expect prudent guidance but decent margins

Gradual revenue and margin recovery in FY23

Solid core music business and margin expansion outlook

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均