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《大行報告》中信証券:消費回暖及競爭緩和 有望為阿里(09988.HK)帶來價值重估
中信証券發表評級報告指,阿里(09988.HK)作為內地電商份額第一的平台,將持續受益於消費大盤的回暖,也被全球投資者視作內地電商平台的核心配置;儘管短期仍面臨直播電商等新平台的競爭壓力,阿里在消費者心智及體驗、貨品供給的豐富以及物流、支付等基礎設施方面依然領先於競爭對手,故預計阿里將依然保持中國國內第一的市場份額,並判斷消費預期轉好及競爭格局的緩和,有望驅動公司中國商業的價值重估。 報告又指,維持阿里在2023至25財年收入預測為8,669億、9,354億以及9,950億元人民幣,分別按年升2%、8%及6%;並維持在2023至25財年非通用會計準則淨利潤預測為1,316億、1,378億、1,612億元億元人民幣,按年跌4%、升5%以及升17%。 中信証券表示,考慮到公司業務處於成熟階段及其穩健的現金流表現,故維持集團約4,000億美元估值,給予其目標價為142元,並維持「買入」評級。(ca/s) ~
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