BABA(BABA) 申万宏源·2025-02-23 11:21Investment Rating - The report maintains a "Buy" rating for Alibaba (BABA) [3][9][15] Core Insights - Alibaba's e-commerce and cloud segments exceeded expectations, with significant investments in AI strategy [9][10][12] - The company reported a revenue of RMB 280.2 billion for 3QFY25, representing an 8% year-over-year increase, and a non-GAAP net profit of RMB 51.1 billion, up 6% year-over-year [10][12] - The collaboration with Apple aims to enhance AI commercialization and expand cloud market share [12][15] Financial Data and Earnings Forecast - Revenue projections for FY25, FY26, and FY27 have been adjusted to RMB 1,001.4 billion, RMB 1,099.9 billion, and RMB 1,203.2 billion respectively, reflecting growth rates of 6.4%, 9.8%, and 9.4% [9][18] - Adjusted net profit forecasts for FY25, FY26, and FY27 are now RMB 155.9 billion, RMB 177.3 billion, and RMB 190.2 billion respectively [9][15] - The adjusted EBITA for 3QFY25 was RMB 54.9 billion, a 4% increase year-over-year, with a margin of 10% [10][12]