【券商聚焦】第一上海予阿里巴巴(09988)买入评级 指云业务在强劲的AI需求驱动下加速增长

金吾财讯
Sep 04

金吾财讯 | 第一上海发研报指,阿里巴巴(09988)2025年6月30日财季收入为人民币2,476.52亿元,同比增长2%。若不考虑高鑫零售和银泰的影响,同口径收入增长10%。毛利1112.2亿,毛利率44.9%,去年同期毛利率39.9%,同比大幅提升5个百分点,主要因为将高鑫零售,银泰两个业务剥离所致。净利润423.8亿,去年同期240亿,同比上升76%,主要是因为投资收入173.8亿的影响,这里面含持有投资股价的上涨。EBITDA本季度是457.3亿,去年同期511亿,下滑11%。本季度共回购8.15亿美元,流通股环比净减少0.6%,当前股份回购计划仍有193亿美元额度。该机构表示,阿里巴巴本季度战略聚焦明确,在消费与 AI+云两大核心领域表现突出。公司通过对快捷商务业务的战略性投入,成功实现用户规模与订单量的显著增长,平台协同效应凸显。同时,云业务在强劲的AI需求驱动下加速增长,AI相关产品已成为重要收入来源。未来,公司将继续深化这两大战略支柱的投资,以把握发展机遇、推动长期增长。此外,公司更加注重非核心业务的减亏,持续优化资产负债表,并通过积极回购不断提升公司价值。该机构预计FY2026至2028财年的营业收入为10,323/11,321/12,267亿元,经营利润为1,155/1,553/1,839亿元,摊薄后每股收益为6.2/8.1/9.7元。采用分部估值法,求得目标价166.00美元/162.00港元,买入评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10