《大行報告》大和上調阿里(09988.HK)目標價至151元 評級「買入」
大和發表研究報告指,阿里巴巴(09988.HK)2024財年首季非公認會計準則淨利潤超越該行預期約22%,相信是由於菜鳥、本地生活以及大文娛業務虧損少於預期所致。
鑑於用戶量健康增長及參與度提升,該行認為阿里市場份額流失的速度可能會逐漸放緩,未來主要催化劑將包括人工智能模型商業化、阿里雲人工智能服務變現,以及旗下阿里雲、盒馬、菜鳥等業務分拆上市。
展望未來,由於中國消費復甦較預期弱,大和預計淘寶天貓集團第二財季收入按年增幅將從首財季的12%,放緩至6%。阿里管理層透露雲端基礎設施對人工智能模型訓練和相關服務的需求強勁,料將有利於阿里雲發展。
基於最新業績表現,大和將阿里2024至2026財年每股盈利預測上調3%至10%,重申「買入」評級,目標價由142元上調至151元。
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