智通财经网·2025-09-12 08:04Group 1 - The core viewpoint of the reports is that Alibaba maintains a "buy" rating, with projected revenues of 1.06/1.18/1.30 trillion yuan and adjusted net profits of 125.6/159.9/190.3 billion yuan for FY2026-FY2028, corresponding to PE ratios of 19.9/15.6/13.1 times [1] - Alibaba's synergy between instant retail and its main e-commerce platform is significant, further enhancing its "big consumption platform" strategy, while its cloud business is expected to benefit from AI applications and the commercialization of AIAgent [1] - Gaode Map, a subsidiary of Alibaba, launched the "Gaode Street Ranking," the world's first ranking based on user behavior, to support offline dining and service consumption, covering over 300 cities in China [1] Group 2 - Following the launch of Taobao Flash Sale, Alibaba has further expanded its offline business with the introduction of Gaode's "Street Ranking," which is expected to create synergies with its home delivery services [2] - The complexity of offline consumption scenarios is lower than that of delivery services, which reduces fulfillment and delivery costs, thus increasing profit margins [2] - Gaode Map's average DAU reached 186 million by July 2025, six times that of Dianping, indicating a strong traffic advantage, and it aims to become a "super app" in the domestic market by integrating various services [2]