20231120-浦银国际证券-阿里巴巴-SW-09988.HK-业绩整体符合预期_停止云业务完全分拆_下调目标价_8页_855kb

报告摘要

Alibaba (9988HK/BABAUS) Research Summary

Financial Performance

Alibaba's FY2Q24 revenue reached RMB 224.8 billion, a 9% increase, with adjusted net profit of RMB 40.2 billion, up 19%. The company declared a dividend of USD 1 per American Depositary Share, totaling approximately USD 25 billion for the 2023 fiscal year.

Business Segments

E-commerce: Core business shows slight softness, with total merchandise value (GMV) declining but order volume and transaction users growing. Events like Double Eleven saw positive growth, and reduced expectations for low single-digit revenue growth.
Cloud Business: Announced reversal of full spin-off plans due to uncertainties, with revenue growth of 2% but losses narrowing; DingTalk classified under other income.
International Operations: Overseas digital business grew 53% with 28% order increase; cross-border logistics (Cainiao) rose 25%; local life services and other segments performed well.

Analyst Recommendation

Ping An International maintains a "Buy" rating, lowering the target price to HKD 97 / USD 100, reflecting concerns over core e-commerce underperformance, with forecasted net profit reductions of 5% and 31% for FY24 and FY25, respectively. The current valuation is at a low 9x FY24 earnings multiple.