20230811-招银国际-User_first_strategy_delivered_early-stage_results_4页_904kb

Alibaba's Q1 FY24 results show strong performance, with revenue of RMB234.2bn, up 13.9% YoY, and customer management revenue (CMR) reaching RMB79.7bn, growing 10% YoY and exceeding expectations. Non-GAAP net income rose 48% YoY to RMB44.9bn, driven by better-than-anticipated CMR growth and efficiencies across business lines. The analyst view highlights early-stage successes in focusing on quality user growth and merchant ROI enhancement for Taobao and Tmall, supporting a BUY recommendation. Key metrics include a target price of US$156.60, offering a 57.8% upside potential, and improving P/E ratio to 15.1x for 2024. The company shows good balance between expansion and profitability, but cloud growth recovery is slower, with revenue at RMB25.1bn in Q1 FY24. Overall, positive outlook with risks including macroeconomic headwinds and cautious consumption recovery.