Huaan Securities·2025-12-02 12:26Investment Rating - The investment rating for Alibaba is maintained as "Buy" [1] Core Views - Alibaba's FY2026 Q2 revenue reached 247.8 billion yuan, a year-on-year increase of 5%, exceeding Bloomberg's expectations by 1%. Excluding disposed businesses, the revenue growth is 15% year-on-year [5] - Adjusted EBITA was 9.1 billion yuan, down 78% year-on-year, and Non-GAAP net profit was 10.4 billion yuan, down 72% year-on-year, both lower than Bloomberg's expectations [5] - The core e-commerce segment saw a 10% increase in CMR to 78.9 billion yuan, driven by an increase in take rate [5] - The cloud business experienced accelerated growth with a revenue increase of 34% year-on-year, driven by AI-related products [6] - AIDC achieved its first EBITA profit, with a revenue increase of 10% year-on-year to 34.8 billion yuan [6] Financial Summary - FY2026 revenue is projected at 1,041.4 billion yuan, with a year-on-year growth of 4.5%. Non-GAAP net profit is expected to be 100.1 billion yuan, a decrease of 36.6% year-on-year [7] - The projected revenue for FY2027 and FY2028 is 1,160.2 billion yuan and 1,286.1 billion yuan, respectively, with year-on-year growth rates of 11.4% and 10.9% [7] - The projected Non-GAAP net profit for FY2027 and FY2028 is 149.9 billion yuan and 190.5 billion yuan, with year-on-year growth rates of 49.8% and 27.1% [7] - The P/E ratio is expected to be 27 for FY2026, decreasing to 17 and 13 for FY2027 and FY2028, respectively [9]