《大行報告》中銀國際上調阿里(09988.HK)目標價至138元 評級「買入」
中銀國際發表研究報告指出,阿里(09988.HK)2024年首財季非公認會計準則淨利潤按年增長43%,超過市場預期16.4%,主要受惠於毛利率好過預期,以及嚴控支出。期內各業務集團的業務效率全面提升,利潤率改善,虧損收窄,但由於對人工智能生成內容(AIGC)的監管以及關鍵零件供應短缺,雲業務仍存在不確定性。
該行考慮到商業活動和消費復甦情況,將阿里2024至2026財年收入預測上調0.6%、1.2%及1.8%,另對近期宏觀狀況保持謹慎。該行料阿里2024至2026財年的盈利將增長6.8%、3.6%及2.9%,相信隨著管理層努力將公司業務重組為新業務部門,可透過精簡架構等實現內部效率。該行重申對阿里「買入」評級,目標價上調至138元。
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