大行評級|瑞銀:上調阿里巴巴目標價至172港元 重申“買入”評級
瑞銀髮表研究報吿指,阿里巴巴管理層在非交易路演中透露,由於推理成本降低及對芯片的需求下降,目前認為AI已變得更具成本效益,併為中國企業和中小企數字化發展加速帶來增長機會,預期短期內業務重點將更多放在企業端(To B),另外AI Agent亦存在長期盈利機遇。瑞銀認為,於收入確認和折舊之間存在時間差,阿里短期內利潤率可能會出現波動,但相信市場關注點可能會集中在業務增長上,基於低基數及全站推廣逐步滲透,預計核心商業收入將保持強勁增長。雖然今年以來股價大幅上升,但該行認為阿里巴巴仍具有價值潛力,重申“買入”評級,目標價從154港元上調至172港元。
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