智通财经网·2025-11-26 02:14Core Viewpoint - The report from CICC indicates that Alibaba's stock is currently trading at 24/23 times FY26 and 16/16 times FY27 non-GAAP P/E ratios, with a target price of HKD 197 and USD 204 for its Hong Kong and U.S. stocks, respectively, suggesting an upside potential of 25% and 27% from current prices [1] Group 1: Financial Performance - For Q2 FY26, Alibaba reported a revenue increase of 4.8% to CNY 247.8 billion, with a comparable growth of 15% after excluding asset deconsolidation effects, outperforming expectations due to strong performance in Chinese e-commerce [2] - Adjusted EBITA for the same quarter fell by 77.6% to CNY 9.1 billion, primarily due to increased investments in Taobao Flash Sales, although it exceeded expectations due to strong cloud and international business performance [2] Group 2: Cloud Computing Growth - Cloud computing revenue for Q2 FY26 grew by 34% year-on-year, with internal and external customer revenues increasing by 29% and 51%, respectively, driven by demand for large model training and AI feature iterations in products like Amap, DingTalk, and Quark [3] - Cloud computing EBITA reached CNY 3.6 billion, corresponding to a profit margin of 9%, with capital expenditures of CNY 31.5 billion, indicating potential for further increases in capital spending due to strong demand [3] - The company expects cloud revenue to maintain over 30% year-on-year growth in the coming quarters as capital expenditures rise and AI applications continue to develop [3] Group 3: E-commerce Segment Insights - Taobao Flash Sales reported an EBITA loss of CNY 36.7 billion in Q2 FY26, attributed to significant investments during the expansion of order volume, but the company noted a reduction in losses by half since October due to order structure optimization and improved fulfillment efficiency [4] - The e-commerce customer management revenue (CMR) grew by 10% this quarter, but excluding Flash Sales, the EBITA for Chinese e-commerce showed single-digit growth, with expectations of a 6% increase in CMR for Q3 FY26 due to pressures from weak consumer spending and high base effects [5]