智通财经APP获悉，东亚证券发布研报称，将阿里巴巴(09988)(BABA.US)目标价由156港元调低3.8%至150港元，维持"买入"的投资评级。
东亚证券表示，看好阿里巴巴的中长期发展。该公司正由传统电商平台龙头，逐步转型为由“电商现金流”与“全栈AI”双引擎驱动的科技企业。随着大模型、自研芯片及云端基建同步推进，公司的企业级AI竞争力有望持续巩固。较早前配股集资所得将全数投入全栈AI布局，该行认为，这属于支持未来增长的策略性融资，而非反映资金压力。虽然电商业务短期增长仍较疲弱，但即时零售的单位经济效益持续改善，核心业务有望逐步企稳。
目前，阿里巴巴未来12个月预测市盈率为14.1倍，低于过去10年的平均值(18.6倍)，亦较欧美上市的AI云企业仍存在大幅折让。随着国策持续支持AI产业发展、AI应用场景增加，集团云及模型即服务(MaaS)业务之估值料尚有上调空间，加上旗下平头哥芯片业务具分拆上市憧憬，支持集团估值向上修复。因此，东亚证券给予阿里巴巴2027财年目标市盈率为23倍，另外新增集团2027财年每股经调整盈利为5.4人民币。
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