研報掘金丨天風證券:阿里巴巴人事調整持續推進,關注變革成效,維持“買入”評級
格隆匯6月28日丨天風證券27日研報指出,阿里巴巴-SW(9988.HK組織架構變革持續推進,1+6+N全新業務集羣基本成型。多個業務的上市和融資計劃也已開展,控股集團將主要承擔創新孵化大本營角色,整個阿里巴巴正以全新姿態奔向未來。另外,阿里雲智能集團完全分拆已經啟動,張勇將專職擔任阿里雲智能集團董事長兼CEO,專注阿里雲的發展。覆盤頭部互聯網組織架構變革,我們認為組織架構的調整往往帶來公司基本面的變化以及資本市場上股價的變化,例如騰訊2012年及2018年的兩次重要組織改革後,完成了PC端到移動互聯網再到產業互聯網的轉型,戰略、組織和而後基本面的積極變化推動股價上升;認為組織是戰略執行的基礎,京東2013年實行事業部制、美團2014年提出T型戰略後,公司各部門分工更為明確,戰略組織架構的執行落地帶來公司業務基本面變化。自3月底阿里集團組織架構變革以來,阿里持續進行人事調整及策略變革,淘天集團着重強調以用户為先,同時雲業務、菜鳥業務、盒馬等多項業務披露上市進展,認為阿里組織架構及未來公司潛在策略上變動值得加大關注,阿里集團整體架構更為明晰,核心電商業務有望扭轉現有困境、穩住乃至提高市場份額,建議持續關注阿里組織架構變化。維持“買入”評級。
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