BABA(09988) 东兴证券·2024-05-31 02:31Investment Rating - The report maintains a "Strong Buy" rating for Alibaba-SW, indicating an expected performance that is significantly better than the market benchmark index by over 15% [20][30]. Core Insights - The company reported a revenue of 211.9 billion yuan for Q1 2024, representing a year-over-year increase of 7%. However, the adjusted net profit decreased by 11% to 24.418 billion yuan [1][21]. - The focus on strategic priority businesses has led to a double-digit growth in domestic e-commerce GMV, driven by improvements in user shopping experience and product efficiency [5][18]. - The international business segment saw a remarkable revenue increase of 45%, with international retail business growing by 56% [18]. Financial Performance Summary - Revenue Breakdown: - Chinese commercial segment revenue was 93.216 billion yuan, up 4% year-over-year [18]. - International commercial segment revenue reached 27.448 billion yuan, up 45% [18]. - Local life services revenue increased by 19% to 14.628 billion yuan [18]. - Cainiao revenue grew by 30% to 24.557 billion yuan [18]. - Cloud business revenue was 25.595 billion yuan, a 3% increase [18]. - The entertainment segment revenue slightly declined by 1% to 4.945 billion yuan [18]. - The report forecasts net profits for the fiscal years 2025-2027 to be 140.5 billion yuan, 151.5 billion yuan, and 164.1 billion yuan, respectively, with corresponding P/E ratios of 10X, 9.3X, and 8.6X [22].