《大行報告》富瑞:阿里(09988.HK)迎合內地復甦 評級「買入」
富瑞發表研究報告指,阿里巴巴(09988.HK)9月底止第二財季總收入按年增長3%,基本符合市場及該行預期。非公認會計準則淨利潤達到343 億元人民幣,高於市場普遍預期及該行預測。
該行指,阿里在消費、全球化及雲端三方面增長趨勢持續,認為市場已經消化疫情帶來的短期影響,並建議投資者關注未來業務恢復步伐,預期阿里將受惠於內地消費市場的復甦。
今年9月底止季度CMR業務下跌幅度高於GMV跌幅,富瑞預期是由於疫情期間的商品退貨,直播銷售退貨率更高,以及商家退貨的便利性提升。
考慮到近期行業發展,富瑞重申「買入」評級,目標價212元,並關注宏觀經濟嚴重放緩影響網購增幅、用戶增長低於預期及各行業監管情況等潛在風險。
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