中金:维持阿里巴巴-W(09988.HK)跑赢行业评级 目标价147港元

智通财经
Sep 01, 2025
【中金:维持阿里巴巴-W(09988.HK)跑赢行业评级 目标价147港元】智通财经APP获悉,中金发布研报称,目前阿里巴巴-W(09988,BABA.US)港股和美股交易于16/18倍FY26和13/15倍FY27非通用准则市盈率。下调FY26收入3%至10,683亿元,系高鑫零售和银泰出表影响,下调FY26非通用准则归母净利润29%至1,218亿元,主要系淘宝闪购投入加大;该行引入FY27收入和利润预测12,151亿元和1,493亿元,将阿里估值切换为分部估值并将估值切换至FY27,基于电商业务13x P/E和云计算业务3.5x P/S,主要由于电商和云业务均已独立盈利和估值中枢调整,对应美股和港股目标价151美元和147港币,较前次目标价上调35%,维持跑赢行业评级,较目前港股和美股股价有27%和12%的上行空间。

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