BABA(09988) 光大证券·2024-08-16 06:43Investment Rating - The report maintains a "Buy" rating for the company [2][30]. Core Insights - The company reported a revenue of 243.24 billion yuan for 1QFY2025, representing a year-on-year growth of 3.88%. However, the net profit attributable to ordinary shareholders decreased by 29.31% to 24.27 billion yuan [25][30]. - The comprehensive gross margin for 1QFY2025 increased by 0.72 percentage points to 39.93%, while the expense ratio rose by 5.40 percentage points to 25.30% [25][26][30]. - The company's AI-related product revenue saw a three-digit percentage increase, and the number of paid users on the Alibaba Cloud AI platform grew by over 200% quarter-on-quarter [12][30]. Financial Performance Summary - Revenue Forecasts: - FY2023: 868.7 billion yuan - FY2024: 941.2 billion yuan - FY2025E: 1,017.3 billion yuan - FY2026E: 1,089.1 billion yuan - FY2027E: 1,159.5 billion yuan [3][35]. - Net Profit Forecasts: - FY2023: 72.51 billion yuan - FY2024: 79.74 billion yuan - FY2025E: 85.45 billion yuan - FY2026E: 90.70 billion yuan - FY2027E: 94.56 billion yuan [3][35]. - Profitability Ratios: - Gross Margin: FY2023: 36.72%, FY2024: 37.70%, FY2025E: 37.60% [20]. - Net Profit Margin: FY2023: 8.38%, FY2024: 8.50%, FY2025E: 8.40% [20]. Business Segment Highlights - Taotian Group: Achieved high single-digit year-on-year growth in GMV, with AI-related revenue increasing significantly. The number of 88VIP members exceeded 42 million [12][30]. - Cloud Intelligence Group: Reported a three-digit growth in AI-related product revenue, with a substantial increase in paid users on the Alibaba Cloud AI platform [12][30]. - International Digital Commerce Group: Established a partnership with Brazilian retailer Magalu, showing significant improvement in the Choice business [12][30].