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《大行報告》中金:阿里巴巴(09988.HK)持續投入新興業務 優化供給側優勢
阿思達克 05-04 14:23
中金發表報告,指近期組織了阿裡巴巴(09988.HK)非交易性路演。管理層表示,會持續投入新興業務。該行對阿里的盈利預測不變,維持「跑贏行業」評級及目標價311美元或304港元,均對應31倍2023財年非通用准則市盈率。

阿里認為,網紅帶貨無法成為常態化的促銷手段,未來將重點打造店播模式,以成為商家常態化的運營手段。對於主播端,公司將利用平台數據優勢,為中腰部主播匹配合適的商家,同時幫助商家精準觸達核心客戶人群,預計淘寶直播網站成交總金額(GMV)將保持較高增速。另外,阿里希望通過淘寶特價版與淘寶主站差異化的購物體驗吸引高價格敏感度人群。

報告提到,阿里近期成立了社區團購事業群,隨著業務進入快速擴展的階段,將針對不同地區做供應鏈整合。管理層認為團長端的微信運營不是社區團購的核心護城河,因此不會盲目跟風大額補貼團長和用戶,而會更加重視倉配履約能力的建設。對於供應鏈相對薄弱的地區,或將進一步自建供應鏈。而今年不會對社區團購設投入上限。

阿里雲方面,管理層指希望多讓利給B端客戶,短期內或不會選擇快速提升利潤率。阿裡雲早期客戶集中在電商、金融、互聯網等領域,目前通過政府雲及在新零售行業的積累,形成了深度的壁壘。其先發優勢和較高的遷移成本具有高度的競爭優勢。未來對雲業務將進一步深入多地布局及深化客戶價值。

對於中小商家扶持政策,阿里指,手淘改版進一步鼓勵商家通過逛逛、訂閱等功能運營私域流量,目前觀察到商家運營效率明顯提升。

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