富瑞发布研报称，阿里巴巴-W（09988）云业务增长加快的趋势将持续，维持“买入”评级，港股目标价由179港元上调至184港元，并将阿里（BABA.US）美股目标价由185美元升至190美元。
富瑞认为，阿里巴巴截至今年6月底首财季收入同比增长9%，符合市场及该行预期，经调整EBITA同比跌30%至273亿元人民币，高于市场预期的256亿元及该行预测的262亿元人民币。管理层预期云业务收入将于未来数季持续加速增长，次财季AI相关产品年度经常性收入（ARR）将接近100亿美元，AI运算投资回报期约为三年，随着产品组合优化、自研平头哥芯片应用及多元化变现措施，回报期可进一步缩短至2.5年。
管理层亦透露平头哥自研芯片已实现广泛商业化，最新一代平头哥芯片真武M890已通过阿里云服务获来自互联网、自动驾驶及金融服务等20多个行业的超过650家外部客户采用。
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