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《大行》東亞證券料阿里(09988.HK)首財季經調整EBITA將按年增長13%
東亞證券發表研究報告,預測阿里-W(09988.HK)(BABA.US)截至今年6月底止2026財年首季度經調整EBITA將按年增長13%,預料雲業務將繼續成爲增長亮點,阿里雲收入預料按年增長23%,相信投資者將關注集團會否持續加大資本支出以支持雲業務的算力需求增長。 該行目前預測阿里首財季GMV及客戶管理收入(CMR)將延續上季的穩健表現,分別錄得約5%及11%按年增長,主要受惠於國家消費品以舊換新補貼政策的持續支持、「全站推」滲透率提升以及天貓618等促銷活動期延長的推動。 然而該行提到,集團今年5月推出閃購業務,並於6月加大對餓了麼等本地生活業務平臺的投資,預測首財季本地生活業務經調整EBITA虧損將超過50億元人民幣,成爲拖累期內利潤率的主因。東亞證券給予阿里「買入」評級,H股目標價156港元。
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