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大行評級|美銀:上調阿里巴巴目標價至114港元 上調2025至27財年經調整盈測
格隆匯 01-22 15:33

美銀證券發表報吿指出,預期阿里將於2月中旬至下旬發佈2025財年第三季季績,估計其收入按年增長9%至2835億元,較市場預期高2%,當中核心淘天集團收入按年料升7%。另外,該行預期中國市場的客户管理收入(CMR)按年增長7%至988億元,主要受惠於在雙十一促銷活動、家電補貼計劃,以及持續的用户參與和體驗升級下,阿里的商品交易總額(GMV)增長加速;由於淘寶的抽成率提高及人工智能工具Quanzhantui,令集團變現率有所提升。

該行認為,淘天集團的增長速度跑贏行業,其經調整EBITA預測按年增長1%至607億元;阿里國際數字商業集團(AIDC)及雲業務收入預測按年增長26%及9%。該行預期阿里整體經調整EBITA為544億元,按年增長3%;經調整淨利潤預測為474億元,略高於市場預期。展望2026財年,隨着核心電商業務的戰略投資開始見效,估計淘天集團及集團的經調整EBITA將恢復增長。該行將阿里2025至2027財年經調整淨利潤預測上調4%至7%,對其目標價由109港元升至114港元,維持“買入”評級。

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