光證升阿里(09988.HK)評級至「買入」 重組有利縮短決策應對市場
光大證券發表報告表示,阿里巴巴-SW(09988.HK)董事會主席兼首席執行官張勇發布全員信《唯有自我變革,才能開創未來》,啟動新一輪公司治理變革,公司將構建「1+6+N」的組織結構,即在阿里巴巴集團之下,設立阿里雲智能、淘寶天貓商業、本地生活、菜鳥、國際數字商業、大文娛等六大業務集團和多家業務公司,並分別建立各業務集團和業務公司的董事會,實行各業務集團和業務公司董事會領導下的CEO負責制,對各自經營結果負總責。
該行指,2015年,阿里巴巴提出中台戰略,形成了「大中台、小前台」的治理模式,2020年公司開始倡行打造敏捷組織,推行多元化治理結構下的經營責任制,「1+6+N」的組織結構是敏捷組織理念進一步深化的結果,此次調整後,阿里巴巴集團的中後台職能部門將全面做輕、做薄,自2015年以來積累的中後台能力,將有序進入到相關業務集團和公司賦能前台業務發展。業務集團和公司所必需的共享中後台服務,將通過專業服務公司的模式提供。
光大證券認為,「1+6+N」模式有利於阿里縮短決策鏈路,進一步提升經營管理效率,更快的應對市場環境的變化。公司重新構建組織架構,分部獨立經營後,市場或將對於不同業務分部重新估值,有利於抬升整體集團企業價值,上調投資評級至「買入」,但無給予目標價。
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