GOLDEN SUN SECURITIES·2024-05-28 03:31Investment Rating - The report maintains a "Buy" rating for Alibaba-SW (09988.HK) [19] Core Views - Alibaba's revenue for Q4 2024 reached 221.9 billion yuan, a year-on-year increase of 7%. The adjusted EBITA for the quarter was 24 billion yuan, up 5% year-on-year, while the adjusted net profit was 25.3 billion yuan, down 9% year-on-year [6] - The company expects continued revenue growth, particularly in domestic e-commerce and cloud computing, with a strong focus on core business and increased investment [6] - The report projects Alibaba's revenue for FY2025 to be 1,014.7 billion yuan, with a non-GAAP net profit of 158.4 billion yuan, reflecting a 10% year-on-year growth [7] Financial Summary - Income Statement: - FY2023 revenue was 868.7 billion yuan, with a projected increase to 941.2 billion yuan in FY2024, representing an 8% growth [20] - Non-GAAP net profit for FY2024 is expected to be 158.4 billion yuan, a 10% increase from FY2023 [20] - Balance Sheet: - Total assets for FY2024 are projected at 1,764.8 billion yuan, with total liabilities at 652.2 billion yuan [5] - The company's equity attributable to shareholders is expected to be 997.3 billion yuan in FY2024 [5] - Cash Flow: - The net cash increase for FY2024 is projected at 56.9 billion yuan, following a net profit of 79.7 billion yuan [4] Key Financial Ratios - The report indicates a projected non-GAAP EPS of 7.78 yuan for FY2024, with a P/E ratio of 10.7 [7] - The return on equity (ROE) is expected to be 8% for FY2024, with a net profit margin of 8.4% [7]