BABA(09988) 东方证券·2025-03-06 07:41Investment Rating - The report maintains a "Buy" rating for Alibaba [2][6][22] Core Insights - Alibaba's FY3Q25 performance exceeded expectations with revenue of 2801.5 billion yuan, a year-on-year increase of 7.6%, and adjusted net profit of 510.7 billion yuan, up 6.5% [4][6] - The company is entering a new growth cycle driven by AI, with significant capital expenditure planned to enhance cloud computing and AI infrastructure [4][9][22] Financial Performance - Alibaba's revenue for FY3Q25 was 2801.5 billion yuan, surpassing Bloomberg consensus of 2774 billion yuan [4] - Adjusted net profit for FY3Q25 was 510.7 billion yuan, significantly above the expected 455 billion yuan [4] - The company's capital expenditure for FY3Q25 reached 317.8 billion yuan, a year-on-year increase of 258.8% [4][9] Business Segments - Taobao Group generated revenue of 1360.9 billion yuan in FY3Q25, a year-on-year increase of 5.4% [4] - Cloud Intelligence Group reported revenue of 317.4 billion yuan, up 13.1% year-on-year, driven by strong demand for AI-related services [4] - International Digital Commerce achieved revenue of 377.6 billion yuan, a year-on-year increase of 32.4% [4] Future Outlook - The report forecasts Alibaba's revenue for FY2025-2027 to be 10046 billion yuan, 11230 billion yuan, and 12545 billion yuan respectively [6][22] - Adjusted net profit is projected to be 1577 billion yuan, 1656 billion yuan, and 1863 billion yuan for FY2025-2027 [6][22] - The company plans to invest over 3800 billion yuan in AI and cloud computing infrastructure over the next three years [9][22]