研報掘金|中金:予阿里巴巴“跑贏行業”評級 目標價137港元
中金髮布研究報吿稱,予阿里巴巴“跑贏行業”評級,目標價137港元,看好阿里組織調整疊加分紅和回購催化。中金預計,2QFY24國內零售GMV同比增長1%,不及市場預期,主要由於整體實物商品零售行業增速在三季度較預期疲軟;維持此前2QFY24客户管理收入(CMR)同比增長3.5%的預測,低於市場預期的6%,其中平台貨幣化率有所提升,主要得益於中小商家投放意願的增加。雲計算方面,該行預計2QFY24收入同比增長3%至278億元,主要由於公司聚焦公有云的策略調整和企業數字化投入恢復需要一定時間;國際數字商業方面,該行預計2QFY24收入同比增長40%至224億元,其中速賣通受益於AE Choice的強勁增長,Lazada受益於新增投入和競爭格局變化,Trendyol有望延續此前優異表現;菜鳥方面,該行預計2QFY24收入同比增長24%至226億元,其中國際業務表現優於國內業務。
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