智通财经网·2025-09-24 07:52Core Viewpoint - Alibaba is actively investing in AI infrastructure, which is expected to accelerate growth in its cloud business and enhance its competitive position in the market [1][2]. Group 1: AI Infrastructure Development - The demand for AI infrastructure is exceeding expectations, with significant investments driving industry growth [2]. - Alibaba's CEO highlighted that large models will serve as the next generation operating system, linking various tools to the real world [2]. - The transition from CPU-centric computing to GPU-driven AI computing is accelerating, with a prediction that only 5 to 6 super cloud computing platforms will exist globally [2]. - Alibaba Cloud operates a leading AI infrastructure and cloud computing network, capable of vertical integration of software and hardware [2]. - The company is advancing a plan to invest 380 billion in AI infrastructure, with a tenfold increase in energy consumption for global data centers by 2032 compared to 2022 [2]. Group 2: Financial Projections - The adjusted net profit forecasts for Alibaba for FY2026-2028 are 140.5 billion, 162.9 billion, and 189.8 billion, reflecting year-on-year growth rates of -11.2%, +16.0%, and +16.5% respectively [1]. - The corresponding diluted EPS for these years is projected to be 7.6, 9.1, and 10.9 yuan, with current stock prices reflecting PE ratios of 19.1, 16.1, and 13.4 times [1]. Group 3: Investment Recommendations - The company is focusing on AI-driven value reassessment, with improvements in the monetization rate of Taotian and increased investment in AI and cloud infrastructure [3]. - Short-term investments in Taotian's flash purchase model are expected to drive growth in main site traffic, leveraging advantages in high-end users, merchants, and fulfillment systems [3].