《大行》招商證券國際升阿里巴巴(BABA.US)目標價至204美元 重申為中國互聯網行業首選標的
招商證券國際研究報告指出,阿里巴巴(09988.HK)(BABA.US)於周三至周五(24日至26日)召開年度雲棲大會,重點展示AI的積極進展並發佈多款新品,其在全棧式AI服務領域的領導地位再次得到鞏固;雲業務潛在的加速發展有望支持盈利與估值的持續重估。
該行重申阿里巴巴為中國互聯網行業中的首選標的,對其港股目標價為198元,美股目標價由163美元上調至204美元,對應2027財年預測市盈率20倍;評級「增持」。並繼續看好其穩健執行力、業務協同,以及憑藉全棧技術與產品佈局成為AI關鍵受益者。
該行表示,阿里巴巴集團CEO吳泳銘在大會上明確提出,實現通用人工智能(AGI)是全球明確的發展趨勢,而超級人工智能(ASI)是終極目標。這一前瞻性判斷重塑市場對其技術佈局的認知,彰顯阿里長期深耕AI領域的雄心壯志。
鑑於資本開支預算上調及強勁需求,招商證券國際將公司2026及2027財年雲業務收入預測分別上調3%與7%,預計收入按年增長27%及25%,利潤率保持穩定。根據Omdia數據,今年上半年中國AI雲市場規模達到223億元人民幣,阿里巴巴以35.8%的市場份額位居第一。
該行又將阿里2027及2028財年的收入和核心淨利潤預測上調0%至1%,主要原因是基於強勁需求以及持續的AI產品創新和市場領先地位,對雲業務的預測進行上調。
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