《大行報告》中金料阿里-SW(09988.HK)第二財季收入按年升9% 核心電商和雲計算仍待恢復
中金發表報告指,預期阿里-SW(09988.HK)在2024財年次季收入按年升9%至2,254億元人民幣,略低於市場預期,主要由於行業溫和復甦影響阿里電商表現,並預計調整EBITA將按年增長16%至419億元人民幣,主要由於有效控費,又指核心電商和雲計算仍待恢復。
該行預計,中國國內2024財年次季零售商品交易總額(GMV)按年增長1%,不及市場預期,主要由於整體實物商品零售行業增速在第三季較預期疲軟,中金維持早前對2024財年次季客戶管理收入(CMR)按年增長3.5%的預測。
報告又指,淘天集團會繼續加大投入力度,2024財年次季淘天集團EBITA利潤有望達到472億元人民幣,其中淘特和淘菜菜等新業務持續減虧,並將這部分資金重新投入到主站的價格力及流量策略中。
中金表示,將集團在2024和2025財年的各年收入預測均下調1%,分別達9,592億元人民幣及10,503億元人民幣,主要由於淘天集團收入不及預期。同時,中金亦將公司2024財年非公認會計原則歸母淨利潤下調2%至1,776億元人民幣,2025財年則下調1%至2,006億元人民幣,主要由於新業務虧損幅度高於預期。中金表示,看好阿里組織調整疊加分紅和回購催化,維持其目標價為137元,以及其評級為「跑贏行業」。(ca/s)
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