研報掘金|天風證券:維持阿里巴巴“買入”評級 回購菜鳥股票促進策略協同
天風證券發表研究報吿指,阿里巴巴最近撤回菜鳥IPO申請,並計劃收購菜鳥員工和少數股東股權擬37.5億美元,目前阿里巴巴集團擁有菜鳥約63.7%的完全稀釋股份權益。該行認為這將有利於淘天集團、阿里國際數位商業集團的策略協同。該行表示,阿里2024財年第三季的收入按年增長5%,基本符合預期;經調整EBITA升2%至528.43億元,同樣符合預期。截至2027年3月底,股份回購計劃增加250億美元。未來三個財年仍有353億美元回購額度。該行提到,基於公司強調將持續增加投資以增強競爭力,預計集團2024至2026財年的收入分別約為9,382億、1.03萬億、1.13萬億元,按年分別增長8%、9%、10%;期內,純利分別為1,594億、1,683億、1,795億元,按年升13%、6%、7%。該行維持集團“買入”評級。
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