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《大行報告》中金:阿里(09988.HK)各項業務積極調整以求增長
中金發表研究報告指,近日與阿里巴巴(09988.HK)管理層進行非交易性路演,並引述阿里管理層透露,未來各子集團CEO將負責日常經營決策和管理,集團董事會主要保留子集團CEO任免、年度預算、整體經營戰略和收併購等職責,總部下設風險管理委員會和資本管理委員會,風險管理委員會主要負責合規和風險控制,資本管理委員會主要負責現有公司融資、IPO、資金分配等資本運作,目標實現股東回報最大化。 該行指阿里雲計劃上市後全部派息主要考慮到阿里雲以TO B業務為主,業務模式和集團TO C業務有區別,具備獨立條件;獨立後有利於外部獲客;稅務籌劃;及股東對阿里雲持有意願。 阿里指,阿里雲調價主要是成本下降和效率提升,希望將價格優勢傳導給客戶從而獲得更多新客戶。該行預計,這對利潤影響相對有限。國際業務方面,在外部環境持續復甦的環境下,公司希望國際業務通過投入換市場份額,Lazada在印尼以外市場重點發力,重點國家市佔率上升,AE推出Choice實現快速增長,Trendyol在土耳其宏觀回暖後保持較高增速,公司期望未來以TO B業務的穩定盈利支撐TO C業務的投入。 中金維持對阿里的「跑贏行業」評級及目標價137元。
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