东方证券:维持阿里巴巴-W(09988)“买入”评级 目标价205.34港元

智通财经
Oct 02

智通财经APP获悉,东方证券发布研报称,2025云栖大会展现了阿里巴巴-W(09988)在AI技术的快速进步与All in AI的强大战略决心,大语言模型技术领先地位进一步稳固,多模态大模型更新后进步明显,开源战略公司模型生态与用户渗透均有明显增长。该行看好公司大模型能力的持续领先与开源战略下的强大BC双端渗透能力,对应上调阿里云的收入增速预期,给予目标价205.34港元,维持“买入”评级。

报告中称,公司强化AI战略地位并加大投入力度,模型技术领先+开源战略带动BC双端渗透率提升,看好公司AI云及模型的持续领先地位及阿里云未来的持续提速。预测公司FY2026-2028营业收入为10084/11391/12482亿元(原FY2026-2028预测为10049/11256/12129亿元,因AI战略深入+模型技术进步上调阿里云收入增速),经调整净利润为1412/1878/2166亿元(原FY2026-2028预测为1405/1866/2091亿元,因阿里云AI收入加速带动利润率提升上调利润)。

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