富瑞发布研报称，预测阿里巴巴-W（09988）截至今年9月底止次财季各业务分部表现稳健；该行维持阿里“买入”评级，港股目标价由184港元上调至186港元，美股（BABA.US）目标价由190美元升至192美元。
该行估计，次财季总收入将同比增长9.6%，符合市场预期，人工智能云及算力服务收入料同比增长逾50%至605亿元人民币，好于市场预期的增长48%，分部利润率料按季改善至12.3%；并预期云收入同比增长速度将于第三及第四财季加快，至2028年3月底止2028财年云收入同比增长或超过50%。
该行估计阿里AI实验室及应用收入将同比增长20%至36亿元人民币，分部亏损按季收窄至109亿元人民币，好于市场预期的亏损123亿元人民币，并预期今年12月底止第三财季AI云及算力服务分部EBITA可抵消人工智能实验室及应用亏损。
电商业务方面，富瑞估计CMR净额将同比下跌5%至750亿元人民币，即时零售亏损按季收窄至约98亿元人民币，整体EBITA料达304亿元人民币，高于市场预期的267亿元人民币。
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