东兴证券东兴晨报

Core Insights - The report highlights that Alibaba's domestic e-commerce GMV achieved double-digit growth, reflecting a focus on strategic priority businesses [20][46][99] - The company's total revenue for Q1 2024 reached 211.9 billion yuan, representing a year-on-year increase of 7% [5][43][99] - Adjusted net profit for the same period was 24.418 billion yuan, a decline of 11% year-on-year, primarily due to losses from equity investments [4][47][43] Revenue Breakdown - The Chinese commercial segment generated revenue of 93.216 billion yuan, up 4% year-on-year, with customer management revenue at 63.574 billion yuan, increasing by 5% [20][43][99] - The international commercial segment saw revenue of 27.448 billion yuan, a significant increase of 45%, driven by strong performance in cross-border businesses [28][44] - The cloud business reported revenue of 25.595 billion yuan, growing by 3%, focusing on high-quality core public cloud products and AI-related services [29][45] Cost and Profitability - The company's operating cost for Q1 2024 was 148.098 billion yuan, maintaining a gross margin of 33% [4][47] - Sales and marketing expenses increased to 28.826 billion yuan, with a corresponding expense ratio of 13%, up by 1 percentage point year-on-year [4][47] - The report indicates that the company is actively adjusting and reshaping its competitiveness in e-commerce and cloud computing sectors [11][70] Strategic Focus - The report emphasizes the company's commitment to enhancing user experience in e-commerce, which has led to a significant increase in online GMV and order volume [24][34] - The focus on core products and advanced technology has resulted in accelerated growth in AI-related cloud computing revenue [10][46] - The strategic prioritization of businesses is expected to continue driving growth and improving market competitiveness in the e-commerce and cloud sectors [46][70]