《大行》里昂料即時零售投資拖累阿里(09988.HK)首財季經調整EBITA按年跌16.3%
里昂發表研究報告指,阿里巴巴(09988.HK)(BABA.US)截至6月底止首財季收入按年增速預料放緩至2.4%,主要受到高鑫零售(06808.HK)及銀泰百貨剔除合併報表影響,撇除相關因素後,預料收入將增長約10%,當中淘天CMR料穩定增長約10%,國際零售業務及雲業務收入料分別增長約20%及22%。
該行估計,集團對即時零售業務投入約100億元人民幣,將拖累首財季經調整EBITA按年跌16.3%至377億元人民幣,利潤率料收窄3.4個百分點至15.1%,對次財季的影響可能更大。里昂將阿里2026財年經調整淨利潤預測下調25%,美股目標價由165美元降至155美元,投資評級亦從「確信-跑贏大市」下調至「跑贏大市」。
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