Zhi Tong Cai Jing·2025-10-29 08:29Group 1 - Core viewpoint: Alibaba-W (09988) is consolidating its competitive advantage in e-commerce and cloud computing with AI as the core driver, opening up long-term growth opportunities. The company is expected to achieve revenue of 1,034.6 billion, 1,129.3 billion, and 1,254.8 billion yuan for the fiscal years 2026-2028, with Non-GAAP net profit of 97.5 billion, 164 billion, and 197.7 billion yuan respectively, receiving a "buy" rating from the brokerage [1] - Diversification shift towards strategic focus on core business: Alibaba is refocusing on its core business after a period of diversification, enhancing competitiveness in response to changing consumer environments and market competition. The company plans to invest over 380 billion yuan in AI and cloud infrastructure from 2025 to 2027, accelerating the application and industrialization of AI technology in core scenarios [1] Group 2 - New e-commerce growth curve through near-far field synergy: The company has restructured into four major departments, integrating Ele.me and Taobao Flash Purchase into the instant retail business. This adjustment aims to create effective complementarity between instant retail and far-field e-commerce, with Taobao Flash Purchase expected to drive user engagement. The brokerage anticipates a 2-3% positive impact on CMR revenue from instant retail cross-selling in Q3 2025, with a long-term contribution of 5-10% [2] Group 3 - AI reshaping cloud valuation with significant full-stack service advantages: The new technology cycle driven by AI is benefiting leading cloud providers, who have advantages in funding, data, application scenarios, and engineering talent. The brokerage believes that cloud business revenue growth will accelerate due to increasing AI demand. Alibaba Cloud's full-stack layout, which includes foundational AI infrastructure, model series, and industry solutions, enhances its pricing power for AI PaaS services compared to basic computing power leasing [3]