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《大行報告》摩通料阿里-SW(09988.HK)第二財季收入按年增8% 經調整淨利潤增13%低預期
摩根大通發表報告,預計阿里-SW(09988.HK)2024財年第二季收入按年增長8%至2,250億元人民幣,比市場預期低1%,相信國際業務和菜鳥跨境業務的強勁增長將部分抵銷中國零售商業客戶管理疲軟的收入。經調整淨利潤預測按年增長13%至380億元人民幣,比市場預期低5%,因認為市場過度看好中國零售商業客戶管理業務增長,而且線下業務(零售、本地服務和娛樂)的比較基礎與6月季度相比更加艱難。 該行指,自8月份發布首財季業績以來,阿里股價已經下跌13%,認為疲軟表現已部分反映在股價。展望未來,考慮到與微信流量的深度合作以及為商家提供的新營銷工具,對12月季度收入增長前景保持樂觀。 基於2024財年15倍市盈率預測,摩通重申對阿里「增持」評級,港股目標價145港元,美股目標價150美元。
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