《大行報告》美銀證券:阿里(09988.HK)本月促銷見部分類別產品需求回升 料瓶頸問題月內全面解決
美銀證券表示,阿里(09988.HK)(BABA.US)指4月份內地市場的一般商品價值按年錄低雙位數下跌,供應和履行能力在5月下旬開始恢復,並在6月初取得明顯進展,但尚未達到正常水平。阿里預計瓶頸問題將在6月內全面解決。在6月促銷預售期間,某些產品類別的需求出現實質性回升,例如戶外用品、醫療保健、健身、綠化和家居風格/家具。集團公司將需要更多時間評估宏觀經濟環境及其對內地消費的壓力。
阿里巴巴重申其計劃在2023財年提高本地服務、淘特網和淘菜菜的效率。餓了麼未來虧損將會收窄。淘特網從長遠來看應該是有利可圖,而淘菜應該專注於交叉銷售和補足消費者體驗。
雲業務增長在3月底季度按年放緩至約13%,阿里認為封城推遲了復甦,但預計經濟放緩和互聯網行業客戶的溫和流量增長,將對近期增長造成壓力。因此,集團專注於質量增長,包括毛利、產品競爭力和對客戶的價值。傳統產業數字化仍是長期趨勢。在涉及更多數據和算法的行業中,集團應該比傳統IT和設備公司提供的雲服務具有優勢。
阿里表示,直播不被視為獨立業務,而是平台的一部分,提供多種渠道和服務,以滿足用戶、品牌和商家的不同需求。集團期望消費者使用多個平台,但認為阿里的後端能力、多格式接觸點和用戶洞察力仍然是視頻平台無法比擬的。該行對阿里評級維持「買入」,目標價為159元。
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