AI芯片公司估值高企 阿里拟拆分平头哥

Core Viewpoint - Alibaba is considering the spin-off of its semiconductor division, Pingtouge, for independent listing, aiming to join the ranks of high-valuation Chinese AI chip companies [2][3] Group 1: Spin-off Consideration - Alibaba is evaluating the feasibility of spinning off Pingtouge, which is closely related to its cloud intelligence business, to unlock shareholder value [3][5] - The spin-off plan comes nearly three years after Alibaba's previous restructuring announcement, which ultimately did not materialize [3] - The recent surge in stock prices of competitors like Biren Technology and Moore Threads, which have seen significant increases since their IPOs, is influencing Alibaba's decision [2][5] Group 2: Market Context and Valuation - The current high valuations of Chinese chip companies, with some trading at over 200 times their price-to-sales ratios, provide a favorable backdrop for Alibaba's potential spin-off [6][7] - In contrast, Nvidia's price-to-sales ratio is only 24, highlighting the disparity in valuations between Chinese and Western chip firms [6] - The expectation of substantial policy and financial support for Chinese chip companies is also a motivating factor for Alibaba's consideration [6] Group 3: Competitive Landscape - Alibaba is not alone in pursuing a spin-off; Baidu has also announced plans to spin off its Kunlun chip division, potentially raising up to $2 billion [8] - Both Pingtouge and Kunlun have begun selling chips externally, targeting major telecom operators in China, which are investing heavily in AI infrastructure [8][9] Group 4: Financial Performance - Alibaba's recent financial performance shows a year-on-year revenue growth of 5% to 248 billion yuan, with a more substantial growth of 15% when excluding certain asset sales [10] - The cloud business remains a strong growth driver, with a 34% year-on-year revenue increase, contributing approximately 16% to total revenue [11] - The potential spin-off, combined with robust growth in cloud services and instant retail, could provide further momentum for Alibaba's stock price recovery [12]