大行評級|招銀國際:上調阿里巴巴目標價至157.7美元 雲業務收入穩健增長
招銀國際發表研報指,阿里巴巴截至去年12月底止第三財季總收入按年增長7.6%,較市場預期高1%,季度經調整EBITA及Non-GAAP淨利潤按年增長3.8%及6.5%,分別較市場預期高2%及11%,主要是來自淘天集團及雲智能集團的帶動。期內雲業務收入穩健增長,電商業務盈利增長前景改善。招銀國際目前對阿里2026財年EBITA增長前景持更正面看法,預料將受到商家增加採用全站推廣、國際數字商務集團(AIDC)減虧速度快於預期,以及因各行業AI推理需求增加而推動的雲收入增長迅速。該行將阿里的目標價從132.2美元上調至157.7美元,維持“買入”評級,將2025至2027財年收入預測上調1%至3%,Non-GAAP淨利潤預測上調5%至9%。
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