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《大行報告》華泰証券下調阿里(BABA.US)目標價至154.7美元 料首財季收入增10.3%
華泰証券發表報告指,將阿里巴巴-SW(BABA.US)目標價,由161美元降至154.7美元,維持「買入」評級。 該行將對阿里巴巴在2024財年及2025財年非通用會計準則口徑下歸母淨利潤預測分別調整至1,710億元人民幣及1,843億元人民幣,主要考慮到淘天業務的潛在投入以及虧損業務收入佔比上升。同時,華泰証券引入在2026財年非通用會計準則口徑下歸母淨利潤預測為1,975億元人民幣。 華泰証券預計,阿里巴巴在2024財年首季總收入有望按年增長10.3%至2,268億元人民幣,經調整總息稅折舊攤銷前盈利有望按年增長14.7%至395億元人民幣。該行表示,得益於商品交易總額(GMV)錄得按年高個位數增長,預計客戶管理收入(CMR)有望按年增長7.5%,這表明CMR增速與GMV增速的差距基本消失,並預計這趨勢或可持續。 該行表示,人行宣布罰款螞蟻集團71.23億元人民幣,這相當於阿里巴巴財報顯示的螞蟻集團2022年淨利潤的22.8%。華泰証券認為,這監管審查結果是互聯網監管環境邁向更加清晰可見與常態化新階段的一項重要里程碑,並期待包括阿里巴巴在內的互聯網公司在引領發展、創造就業、國際競爭中繼續貢獻力量。
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