大行评级丨大和:对阿里云业务盈利前景信心提升,重申阿里“买入”评级

格隆汇
Yesterday
大和发表研报,对阿里云业务盈利前景信心提升,目前预测截至今年9月底止次财季云收入将同比增长逾50%;在EBITA层面,预期云业务利润最快于第三财季可基本抵销AI实验室的亏损,成为集团AI投资的重要里程碑,快过此前预期。该行维持次财季云EBITA利润率为12%预测,但将第三财季预测由12.4%上调至约15%,认为AI收入占比较高,尤其是MaaS及IaaS,加上定价能力及规模效益较强,应可推动利润率扩张得更快。 近期管理层对资本开支预期为每年约2,000亿至3,000亿元,每年新增产能约2至3吉瓦,一半自建、一半透过租赁及合作方营运设施,预料有助降低资产负债表压力。该行将阿里2027至2029财年每股盈利预测上调2%至3%,以反映云业务盈利改善前景,重申“买入”评级,维持目标价为180港元。

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