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研報掘金|廣發證券:維持阿里巴巴“買入”評級 目標價133.43港元
廣發證券發佈研究報吿稱,維持阿里巴巴“買入”評級,目標價133.43港元,預計FY2023-25收入為9536/10414/11345億元,non-GAAP歸母淨利潤為1699/1875/2051億元。公司FY24Q2收入同比上升8.5%至2248億元,non-GAAP歸母淨利潤為401億元,同比增長16.8%。報吿稱,FY24Q2淘天集團實現收入同比增長4%至976.5億元,其中CMR同增4.2%至696.6億元;經調整EBITA同比提升3%至470.8億元,EBITA利潤率為48%。未來,淘天將持續打造萬能淘寶,注重消費者層次和價格競爭力策略,用户為先,認為用户購買頻次將成為比GMV更為重要的考核指標,持續提高平台粘性和客户保留。此外,FY24Q2國際商業實現收入同比提升52.8%至245.1億元,其中國際零售業務收入同比提升72.7%至189.8億元,得益於各個平台穩健增長、全球AEChoice增收、貨幣化率改善等。
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