智通财经网·2025-10-13 09:32Core Viewpoint - Macquarie expects Alibaba's cloud business to continue accelerating growth this fiscal year, with diversified monetization opportunities potentially expanding long-term profit margins [1] Group 1: Financial Performance - Macquarie has lowered its adjusted EBITA forecasts for Alibaba by 24% and 10% for the current and next fiscal years, reflecting increased spending in fast e-commerce and AI training and inference [1] - The target price for Alibaba has been adjusted from HKD 229.1 to HKD 228.2 [1] Group 2: Market Position and Growth Potential - Despite potential larger losses from the fast e-commerce summer activities, user traffic and transaction volume trends remain robust [1] - The firm anticipates a compound annual growth rate (CAGR) of 30% to 35% for Alibaba Cloud's revenue over the next few years, driven by a surge in AI adoption among Chinese enterprises [1] - Macquarie believes that the market's current valuation of Alibaba Cloud, contributing approximately 15% to 20% of the company's value, is overly conservative compared to Amazon Web Services (AWS), which is widely considered to account for over 50% of Amazon's equity value [1]