《大行報告》高盛:阿裏-SW(09988.HK)首財季盈利勝預期 評級「買入」
高盛發表報告,阿裏-SW(09988.HK)首財季集團稅息及攤銷前盈利(EBITA)錄340億元人民幣,較該行和市場預期的275億和281億元人民幣高出25%,原因是有效的成本控制和新業務的虧損收窄。
考慮到首財季業績,該行保持對阿裏2023至2025財年的估計大致不變,預計2023年第二財季和全個財年收入按年分別增長7%和6%,而經調整EBITA分別爲270和1,340億元人民幣。 集團EBITA在經過連續三個季度按年下降約30%,首財季再錄雙位數跌幅後,估計阿裏淨利潤將由9月底止第二財季開始轉爲按年持平,第三財季按年跌2%,並在第四財季回覆按年增長43%。這意味阿裏首財季盈利已見底。
高盛預計,阿裏的市場份額損失將逐漸穩定下來,並對公司基於其三個戰略支柱擴大市場並持續推動商戶和消費者的業務增值保持正面態度。維持對阿裏「買入」評級和H股目標價163港元不變。
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