BABA(09988) 东方证券·2025-03-16 02:54Investment Rating - The report maintains a "Buy" rating for Alibaba Group [2][9] Core Views - The company has a clear strategy focusing on AI and cloud integration, with the split of the Intelligent Information Business Group marking an increase in AI ToC applications. Revenue forecasts for FY2025-2027 are projected at 10046 billion, 11230 billion, and 12545 billion yuan, with adjusted net profits of 1577 billion, 1656 billion, and 1863 billion yuan respectively. The estimated market value of the company is 30703 billion yuan, corresponding to a per-share value of 175.10 HKD [2][9] Financial Performance Summary - Revenue for FY2023 was 868,687 million yuan, with a year-on-year growth of 1.83%. Projections for FY2025, FY2026, and FY2027 are 1,004,569 million, 1,123,039 million, and 1,254,470 million yuan respectively, with expected growth rates of 6.74%, 11.79%, and 11.70% [7] - The adjusted net profit for FY2023 was 72,509 million yuan, with a year-on-year growth of 17.03%. The forecast for FY2025 is 132,264 million yuan, reflecting a significant growth of 65.87% [7] - The report indicates a gross margin of 36.72% for FY2023, projected to increase to 39.05% by FY2025 [7] AI Application and Market Position - Alibaba's new AI flagship application, "New Quark," launched on March 13, integrates various AI functionalities and is expected to enhance user engagement. The application has achieved a daily active user count of 34.3 million, leading the AI application market [5][9] - The report highlights Alibaba's strong position in the AI and cloud computing sectors, benefiting from increased demand for cloud computing power driven by AI applications. The company’s proprietary AI models are expected to outperform competitors [5][9]