【招银国际】 4Q22 Preview： earnings recovery remains bumpy; Maintain HOLD.pdf

1Q23 earnings miss on gross margin

Solid 1H24 earnings, better NEV outlook

–Earnings cut and de-rating may end here

3Q24 earnings below expectations due to margin contraction

Impressive earnings recovery in 1Q23; Reiterate BUY

Earnings risk not yet priced in

Fair valuation despite FY22 high earnings quality

1Q25 Earnings Rebound Notably, Games/Films Shine

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

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