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《大行報告》中金下調阿里(09988.HK)目標價至109元 核心電商短期業績壓力仍存
中金發表研究報告指,阿里巴巴(09988.HK)(BABA.US)第二財季收入及利潤表現均符合市場預期,降本增效措施下經調整EBITA增長18%至428億元人民幣,較市場預期高3%。 阿里再公布經營戰略調整,不再尋求完全分拆雲智能集團,同時盒馬上市計劃暫時擱置,業務發展方向從獨立分拆及融資,轉為尋求協同和平衡,並強調探索新的資本管理和回報股東方式。中金預期阿里 核心電商業務短期經營壓力仍然存在,季內淘寶天貓GMV按年下跌,客戶管理收入按年增長3%,預計變現比率仍有一定釋放潛力。 期內雲智能收入按年增長2%,中金預測雲計算收入未來兩季仍然受壓,維持對集團收入預測基本不變,並將2024至2025財年非通用會計準則純利預測下調6%及8%,至1,673億及1,849億元人民幣,目標價下調20%至109元,維持「跑贏行業」評級。
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