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《大行》建銀國際:阿里(09988.HK)加大即時零售投資短期影響盈利 降目標價至146.1元
阿思達克 07-14 10:58
建銀國際發表研究報告指,內地外賣及即時零售市場競爭加劇,阿里巴巴(09988.HK)(BABA.US)宣布將在未來12個投放500億元人民幣,加強補貼淘寶閃購的商戶及消費者,預料集團加大即時零售業務投資,短期內會為盈利表現帶來影響。 但該行預期阿里長遠在AI領域的發展潛力未變,計及市場競爭及投資增加,將2026至2028財年經調整EBITA及非通用會計準則淨利潤預測分別下調17%、13%、8%及16%、11%、8%,港股目標價由160.6元下調146.1元,美股目標價從164.7美元下調至149.8美元,維持「跑贏大市」評級。 建銀國際目前預測阿里2026財年首季收入將按年增長1.7%至2,470億元人民幣,客戶管理收入(CMR)料增11%,雲業務收入增速由18%加快至21%,經調整EBITA預計下跌22%至376億元人民幣,非通用會計準則淨利潤料跌15%至344億元人民幣。
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