BABA(09988) 第一上海证券·2025-02-27 11:04Investment Rating - The report assigns a "Buy" rating for Alibaba with a target price of 134.01 [3][4]. Core Insights - The report emphasizes that Alibaba's long-term value is driven by its investments in AI and cloud infrastructure, with a planned investment of RMB 380 billion over the next three years [4]. - The restructuring of Alibaba's e-commerce business is expected to enhance operational efficiency and focus on strategic growth in both domestic and international markets [4]. - The report highlights significant growth in revenue and profit, with a projected increase in operating profit and earnings per share over the next few years [3][4]. Financial Summary - For the fiscal year ending March 31, 2023, Alibaba reported total revenue of RMB 868.69 billion, with a year-on-year growth of 2% [3]. - Operating profit for FY2023 was RMB 100.35 billion, with a significant increase of 44.1% year-on-year [11]. - The net profit for FY2023 was RMB 65.57 billion, reflecting a year-on-year growth of 39.3% [11]. - The forecast for FY2025 projects total revenue to reach RMB 1,004.55 billion, with operating profit expected to be RMB 143.68 billion [3][11]. - The report anticipates a substantial increase in earnings per share, projected to be RMB 7.5 in FY2025, up from RMB 3.4 in FY2023 [3][11]. Business Segments Performance - The e-commerce segment, including Taobao and Tmall, is expected to generate significant revenue, with a forecast of RMB 467.89 billion for FY2026 [9]. - Alibaba Cloud is projected to continue its growth trajectory, with revenue expected to reach RMB 134.06 billion by FY2026, benefiting from increasing demand for AI services [9]. - The report notes that the international e-commerce segment has shown a robust growth of 32% year-on-year, although it still faces challenges in profitability [4][9].