阿里巴巴：业绩疲软，展望改善

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 BABA also confirmed that its AliCloud revenue will likely accelerate further in coming quarters driven by strong demand. The EBITA margin of AliCloud will likely reach ~20% in the long run from the current 9%, according to management. On traditional e-commerce, BABA guided for its CMR to improve markedly in the March quarter (March Q) to over mid-single digit percent (MSD), which is in line with the latest Street consensus of 5.4% while surpassing our cautious estimate of 1% y-y ...