Headwinds linger despite faster expansion Morning Notes Low market expectation after 3Q21 results; Electric products and export to serve as medium term drivers Softening demand and operating deleverage Moving into 4Q21E games rebound 3Q21 Net profit +8%, in line with estimates; Revenue growth acceleration a positive sign Industry headwinds to persist into 4Q; D/G to HOLD Long-term positive view unchanged with non-mobile CIS to power future growth Strong 3Q results; Cost pressure remains Raised full-year guidance post strong quarterly results