研報掘金|中金:維持阿里目標價109港元 上調2025財年non-GAAP淨利潤3%至1605億元
中金髮表報吿指,近期阿里在保障商家權益、降低商家門檻和經營成本方面有系列舉措。鬆綁僅退款,推出退貨寶,降低商家退貨退款成本。以體驗分代替DSR評分體系,接入微信支付為商家帶來新增量,鼓勵商家服務好用户。該行維持對阿里收入和EBITA預測不變,上調阿里2025財年non-GAAP淨利潤3%至1605億元,主要因去年同期一次性開支的基數效應消退。該行維持該股美股和港股目標價112美元和109港元。
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