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監管整頓下阿裏營收弱於預期,中金調降目標價11%
uSMART盈立智投 02-25 09:23

25日港股盤後阿裏巴巴公佈業績,截止12月末的季度營收同比增幅降至上市以來最低水平,淨利潤銳減74%,凸顯互聯網監管整頓的衝擊。包括中金、大和在內的機構認爲阿裏的收入情況不及預期,大和對其雲業務放緩感到失望,中金並下調阿裏港股目標價11%至161港元。

隔夜阿裏巴巴ADR收跌0.7%,報108.93美元。

中金分析師白洋等在報告中指出,由於宏觀經濟疲軟和競爭加劇,阿裏巴巴2022財年三季度收入略低於預期,不過因較好的成本費用控制,非通用會計準則淨利潤超預期。

核心電商收入同比下降1%,主要因市場環境疲軟導致線上商品交易總額同比僅個位數增長、國內電商競爭加劇,給予商家扶持補貼等。

鑑於核心電商業務承壓,將公司2023財年收入和非通用會計準則淨利潤預測均降低3%,分別至9417億元人民幣和1490億元。

由於雲業務板塊的估值中樞下移,將美股和港股目標價均下調11%至165美元和161港元,維持跑贏行業評級。

大和分析師John Choi等在報告中指出,阿裏巴巴業績令人失望,主要部門的收入和利潤率均不及預期。

儘管已經預計到公司未來2-3個季度的客戶管理收入前景疲軟,但仍對公司雲業務的放緩感到失望,並預計公司新業務將會需要數年時間纔會結出果實。下調公司美股目標價至160美元,因估值吸引力重申買入評級。

花旗分析師Alicia Yap等在報告中指出,阿裏2022財年三季度業績喜憂參半,收入低於市場一致預期1.2%,調整後每股盈利超過預期。儘管公司雲業務和核心電商的用戶管理收入低於預期,但公司整體業績還是很大程度上符合預期。國際商務和本地消費服務更大的虧損率表明公司在這些領域的投資有所增加,維持對公司的買入評級。

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