【招银国际】 Both sales and margin recovery are on track.pdf

off overdone; Positive on investments and margin recovery in

–Games revenue growth accelerated with solid margin expansion

4Q24 margins lay foundation for FY25 earnings

Recovery in sight with clear margin expansion

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

Potential store and margin expansion ahead

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

Solid core music business and margin expansion outlook

We expect prudent guidance but decent margins

Gradual revenue and margin recovery in FY23