智通财经网·2025-11-07 08:05Group 1 - The core viewpoint of the report is that Alibaba-W (09988) is focusing on its e-commerce and cloud computing sectors, with growth potential in the e-commerce segment through the Taobao Flash Sale business and maintaining a leading position in the AI cloud market, resulting in a "Buy" rating [1] Group 2 - For FY2026, the company is expected to invest continuously in the Taobao Flash Sale business, with projected net profits of 103 billion, 161.4 billion, and 193.5 billion yuan for FY2026-2028, reflecting year-on-year growth rates of -21%, 57%, and 20% respectively [1] - The current stock price corresponds to price-to-earnings ratios of 27, 17, and 14 times for FY2026-2028 [1] Group 3 - The company is projected to achieve total revenue of 242.5 billion yuan in FY2026 Q2, representing a year-on-year growth of 3%, with an adjusted EBITA margin of 2.3%, a decline of 86% to 5.7 billion yuan, primarily due to increased investment in the Taobao Flash Sale business [1] Group 4 - By business segment, the Chinese e-commerce group (including Chinese e-commerce, instant retail, and Chinese wholesale) is expected to generate revenue of 126.8 billion yuan with an adjusted EBITA margin of 7% [1] - The Alibaba International Digital Commerce Group is projected to have revenue of 37.1 billion yuan with an adjusted EBITA margin of 0.1% [1] - The Cloud Intelligence Group is expected to achieve revenue of 38.5 billion yuan with an adjusted EBITA margin of 9% [1]