招商證券料阿里(09988.HK)旗下菜鳥、盒馬及雲業務未來可帶來可觀收入
招商證券國際發表報告,阿里巴巴(09988.HK)投資者日的第二天,公司主要就其它幾項發展中的業務做了詳細闡述,作為新零售的開拓者,盒馬鮮生(販賣生鮮食品子公司)持續進化並拓展出各種新的商業模式以滿足不同消費者的需求,指公司旗下盒馬鮮生、菜鳥網絡和阿里雲將在各自領域保持其領頭羊的地位。
該行指,維持對阿里買入評級,目標價在審視(前次目標價279港元)。該行認為盒馬鮮生、菜鳥網絡、和阿里雲將在未來的幾年中逐漸為阿里帶來可觀的貢獻。
與此同時,雖然本地服務和數字傳媒娛樂業務的虧損有所收窄,該行認為這些業務還是很難挑戰各自領域行業領導者的地位。但鑒於這些業務仍存在戰略價值,並能與核心業務產生協同效應,因此阿里還會在相關業務領域持續投入,期望可以從中分一杯羹。
招商證券國際稱,阿里新的業務模式幫助盒馬鮮生快速擴張,並獲得更好的經濟效益。截至今年上半年盒馬已拓展了227家門店(按年增長43%),其年活躍買家數也超過2,500萬人,而同店銷售收入和年化坪效均實現了32%的按年增長。在物流上,菜鳥網絡通過為消費者、商家和物流夥伴提供更好的基礎設施和解決方案來推動物流行業的數字化轉型。
在雲業務上,阿里雲持續擴大其在IaaS層面的領頭羊地位,並進一步增強其在增值服務領域的影響力。截至今年上半年,增值服務為雲業務貢獻了55%的收入。展望未來,作為中國數字經濟的新基礎設施,阿里雲立志在多個層面重新定義雲計算行業。
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