《大行報告》美銀證券降阿里-SW(09988.HK)目標價至100元 聚焦重拾增長動力並提高股東回報
美銀證券發表報告指出,阿里-SW(09988.HK)聚焦重拾增長動力並提高股東回報,截至去年12月底止2024財年第三季業績大致符合預期,綜合收入按年增長5%(撇除線下零售業務則按年增長8%),主要受淘天集團增長2%所推動。客戶管理收入(CMR)按年增長0.5%,增幅跑輸商品成交額(GMV)和訂單增長,因為產品組合從天貓轉向淘寶所致,但被淘寶提成率提高而部分抵銷。
該行提及,阿里今年的策略重點在於恢復淘天集團及雲業務的增長勢頭,以及支持阿里國際數字商業集團(AIDC)的持續高增長。公司將持續投資於三大關鍵範疇,同時優化集團效率,透過回購提高股東回報。
此外,該行維持對阿里2025至2026財年收入預測大致不變,並降非通用會計準則(non-GAAP)淨利潤預測約7%,以反映阿里對投資的堅定承諾。因此,對阿里港股目標價由103元下調至100元,對阿里(BABA.US)目標價由106美元下調至102美元,維持「買入」評級。
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