国海证券:调整阿里巴巴-W(09988.HK)盈利预测 给予目标价184港元 维持“买入”评级

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【国海证券:调整阿里巴巴-W(09988.HK)盈利预测 给予目标价184港元 维持“买入”评级】智通财经APP获悉,国海证券发布研报称,考虑到云收入/利润增长的持续加速以及即时零售业务的有序减亏、传统电商业务的逐步企稳,该行调整盈利预测,预计阿里巴巴-W(09988.HK)FY2027-2029年营收分别为11,312/12,862/14,886亿元,归母净利润分别为955/1,558/2,149亿元,Non-GAAP归母净利润分别为1,360/1,758/2,363亿元,对应P/E为18.6x/11.4x/8.3x,对应Non-GAAP P/E为13.5x/10.4x/7.7x;根据SOTP估值法,该行中性给予2028财年阿里巴巴合计目标市值31,134亿元,对应目标价156元人民币/184港元(汇率参考2026年10月12日实时汇率1港元=0.85元人民币),维持“买入”评级。

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