看好阿里投入未來增長和股東回報，高盛等投行重申“買入”評級 “長期看好阿里巴巴”， Baird、中金等重申“跑贏行業”評級
2月7日晚，阿里巴巴集團公佈2024財年第三季度業績，集團收入同比穩健增長5%，核心業務戰略聚焦，結構性調整收穫初步成效。2024年，阿里巴巴將針對核心業務積極投入，重燃增長動力。高盛、Baird等多家投行發佈研報，看好阿里以投入促增長的進取姿態和同時加大股東回報的實際行動，紛紛予以阿里“跑贏行業”或“買入”評級。
投行Baird發表研報指出，阿里巴巴管理層的戰略重點是專注於增長，包括穩固在中國核心電子商務領域的市場份額，在強勁增長的跨境電商基礎上擴大業務規模，以及公共雲市場的收入提速。這些舉措在短期內需要增加投資，但在我們看來，這代表着消費習慣改變背後的更大競爭格局。Baird還強調，阿里巴巴的電商和雲業務極具價值。
Baird給予阿里巴巴“跑贏行業”（Outperform）評級，並指出阿里的優勢在於以下幾個方面：一是在電商市場的全球領導地位，年度GMV約1萬億美元，這大約是Baird評估的亞馬遜全球交易額的兩倍；二是多元化的業務組合，除了電商業務，還有云、物流、本地等業務；三是良好的用户自然增長；四是菜鳥在物流領域的競爭優勢；五是阿里雲作為中國最大的公共雲平台，還躋身全球頂級雲服務商之列，“在我們看來，許多投資者低估了阿里雲的長期市場機會。”
投行Jefferies也關注阿里巴巴“加大投資，重振增長”的策略，並強調阿里擴大股份回購規模體現了公司對發展前景充滿信心，維持“買入”（Buy）評級。
Jefferies研報進一步指出，“長期看好阿里巴巴”，主要基於四方面理由：阿里巴巴在未來幾年擁有多個增長動力，核心電商業務穩健紮實；高度協同的產品生態，能夠支持阿里進入低線城市並提供本地服務；雲計算作為不同行業數字化的支柱，具有明顯的市場領導地位；阿里巴巴處於消費驅動型經濟和電商行業的核心位置，與同行相比，擁有強大的技術實力。
高盛研報強調，阿里收穫了一個達預期的季度，在保持資本回報的同時，將為核心業務增長進行再投資。高盛維持對阿里巴巴的“買入”（Buy）評級，指出繼續認為阿里巴巴的估值具有吸引力，目前的市值僅反映了淘寶天貓的價值，卻未將中國排名第一的公共雲和國際業務納入價格考量。
中金公司也維持對阿里巴巴“跑贏行業”評級。中金研報指出，過去9個月，阿里巴巴已退出17億美元非核心資產，考慮到阿里目前擁有686億美元的淨現金和每年穩健的現金流，認為阿里有能力也有意願持續回報股東，大額回購有望成為公司股價支撐。
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