《大行》摩通予阿里(BABA.US)目標價170美元 超大規模資本支出將惠及下游行業和公司
摩根大通報告表示,阿里巴巴(09988.HK)(BABA.US)於週三(24日)阿里雲的雲棲大會上,將AI置於其策略的核心。阿里雲CEO吳泳銘表示,公司將AI基礎設施資本支出提升,超出早前宣布的三年3,800億元人民幣(約530億美元)計劃,指出需求「遠超」預期;並宣布與英偉達(NVDA.US)合作,將Nvidia的Physical AI軟件堆疊(用於機械人/自動駕駛模擬、數據合成、訓練及驗證)整合至阿里巴巴雲的AI平台。
摩通認為,阿里未來三年的3,800億元人民幣資本支出計劃更多是一種姿態,而非具體指引;隨著越來越多傳統行業將其營運數碼化,並採用生成式AI,該行相信對GPU運算能力以及其他PAAS(平台即服務)和AAAS(AI Agent 即服務)的需求將隨著時間增長。
對於中國AI上升週期的投資敞口,摩通認為,阿里巴巴的路線圖作為需求指標,阿里雲仍是數碼化營運及採用生成式AI的最大受益者之一,相信超大規模的資本支出將惠及下游行業和公司。
基於2027財年12倍市盈率,摩通對阿里美股目標價為170美元,港股目標價165港元,評級「增持」。
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