【券商聚焦】交银国际维持阿里巴巴(09988/BABA)买入评级 FY27起盈利改善趋势不变

金吾财讯
Sep 01

金吾财讯 | 交银国际研报指,认为阿里巴巴(09988/BABA)1QFY27 (6月季度)业绩会给出较乐观的基调,AI板块方面,管理层预期AI云业务27财年2-4季度收入同比增速~50%(由6月季度~45%加速 ),同时, AI实验室的EBITA 6月季度亏损约138亿元(人民币,下同),公司预计后续有望逐步收窄至近100亿元。电商板块方面,该机构认为EBITA水平未来两年有望往1,800-1,900亿元的均值回归。即时零售业务的单位经济模型(UE)持续环比改善,主要驱动力包括平均订单价值(AOV)稳步提升,以及补贴力度趋于理性。该机构预期 FY27即时零售板块亏损可望同比缩窄40-50%。公司在业绩后增发7.1 亿股融资800亿港元,摊薄约3.6%,融资用途将全数用于AI相关投资。该机构认为在公司以增发方法融资能快速补充内部资源,在算力采购的竞争下保有优势。该机构认为公司在电商盈利基本盘转趋稳定,AI云/应用有望共同带动整体盈利增长。该机构预计阿里27/28财年的Non-GAAP盈利同比+59%/35%。该机构以分部估值法得出最新目标价172美元/169港元(9988 HK/买入): 对公司AI云/AI 实验室业务以5倍2027年预测市销率作估值标准,电商集团则以1.3倍2027年预测市销率作估值标准,并加上其它分部、现金/投资等。维持买入。

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