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《大行》阿里巴巴(09988.HK)投資評級及目標價(表)
阿思達克 08-27 15:21
阿里巴巴-W(09988.HK)(BABA.US)將於本周五(29日)公布截至今年6月底止2026財年首財季業績,受到電商平台「外賣大戰」及即時零售補貼的競爭所拖累,本網綜合7間券商預測,阿里巴巴2026財年首財季非通用會計準則(Non-GAAP)淨利潤介乎321.19億元至362.45億人民幣,較上年同期的449.22億人民幣,按年跌22.5%至升1.5%,中位數344億元人民幣,按年跌15.5%。 綜合10間券商預測,阿里巴巴2026財年首季經調整EBITA介乎376.16億元至384億元,較上年同期的453.71億元,按年跌14.7%至16.5%,中位數378.5億元人民幣,按年跌16%。 投資者將聚焦阿里巴巴管理層最新營運指引、AI雲計算增長動能、AI Agent(智能代理)計劃進展、最新投資的具體情況(AI資本開支、外賣/即時零售營運開支),以及外賣補貼的持續時間,最終能否實現「日常應用」的生態目標,並藉由88VIP會員體系的擴展來增強黏性、中期利潤率走勢(AI訓練與推理收入佔比上升,但同時伴隨AI相關折舊支出增加)、戰略平衡(股東回報與AI與本地生活零售投資的持續性策略)、公司早前指計劃分拆旗下子公司斑馬網絡技術(從事汽車系統解決方案)在香港獨立上市進展等。 下表列出10間券商對阿里巴巴-SW(09988.HK)評級及目標價: 券商│投資評級│目標價 大和│買入│175元 廣發証券│買入│165.52港元 交銀國際│買入│159港元 華泰証券│買入│150港元 建銀國際│跑贏大市│146.1港元 浦銀國際│買入│147港元 花旗│買入│144港元 高盛│買入│142港元 申萬宏源│買入│136港元 富瑞│買入│118港元 下表列出18間券商對阿里(BABA.US)評級及目標價: 券商│投資評級│目標價 巴克萊│增持│180美元 匯豐環球研究│買入│176美元 廣發証券│買入│166.42港元 交銀國際│買入│165美元 瑞銀│買入│158美元 里昂│跑贏大市│155美元 華泰証券│買入│152.9美元 野村│買入│152美元 富瑞│買入│150美元 中銀國際│買入│150美元 浦銀國際│買入│150美元 摩根士丹利│與大市同步│150美元 建銀國際│跑贏大市│149.8美元 花旗│買入│148美元 高盛│買入│147美元 巴克萊│增持│145美元 招銀國際│買入│141.2美元 申萬宏源│買入│136美元
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