---
title: "富瑞：维持阿里巴巴-SW“买入” 评级 目标价下调至 128 港元"
description: "富瑞发布研究报告称，维持阿里巴巴-SW“买入” 评级，目标价下调至 128 港元。阿里巴巴截至去年 12 月底止季度，总收入同比增长 5% 至 2，600 亿元人民币，淘宝天猫收入同比增长 1% 至 1，280 亿元人币，国际数字商业收入同比升 41%，菜鸟则升 21%。阿里巴巴的策略得以维持，未来将会解锁人工智能及海外业务的发展机会。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/105716395.md"
published_at: "2024-01-10T03:32:46.000Z"
---

# 富瑞：维持阿里巴巴-SW“买入” 评级 目标价下调至 128 港元

> 富瑞发布研究报告称，维持阿里巴巴-SW“买入” 评级，目标价下调至 128 港元。阿里巴巴截至去年 12 月底止季度，总收入同比增长 5% 至 2，600 亿元人民币，淘宝天猫收入同比增长 1% 至 1，280 亿元人币，国际数字商业收入同比升 41%，菜鸟则升 21%。阿里巴巴的策略得以维持，未来将会解锁人工智能及海外业务的发展机会。

富瑞发布研究报告称，维持阿里巴巴-SW（09988）“买入” 评级，目标价由 140 港元下调至 128 港元。该行认为阿里收入趋势较预期为佳，策略得以维持，未来将会解锁人工智能及海外业务的发展机会，较大的持股企业折让为 30%。

该行中称，阿里巴巴截至去年 12 月底止季度，总收入同比增长 5% 至 2，600 亿元人民币，当中淘宝天猫收入同比增长 1% 至 1，280 亿元人币，零售商业客户管理（CMR）收入持平于 910 亿元人民币，商品交易总额（GMV）同比增长 3%，国际数字商业收入同比升 41%，菜鸟则升 21%。整体除息税及摊销（EBITA）估计同比持平于约 520 亿元人民币，EBITA 利润率同比跌 1 个百分点至 20%。

### Related Stocks

- [89988.HK - 阿里巴巴-WR](https://longbridge.com/zh-CN/quote/89988.HK.md)
- [BABA.US - 阿里巴巴](https://longbridge.com/zh-CN/quote/BABA.US.md)
- [09988.HK - 阿里巴巴-W](https://longbridge.com/zh-CN/quote/09988.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Alibaba unveils new Qwen3.5 model for 'agentic AI era' | Alibaba has launched its new AI model, Qwen 3.5, which is designed for independent task execution and boasts significant | [Link](https://longbridge.com/zh-CN/news/276045126.md) |
| Alibaba Stock Forecast Ahead of Q3 Earnings – Here's What to Expect | E-commerce giant Alibaba (BABA) is set to report fiscal Q3 2026 results soon, with analysts expecting earnings of $1.68  | [Link](https://longbridge.com/zh-CN/news/276325421.md) |
| Alibaba (BABA) Upgrades Qwen AI Model as China's Tech Giants Battle for Users | Alibaba has upgraded its AI model to Qwen3.5, enhancing its capabilities in text, image, and video processing. This move | [Link](https://longbridge.com/zh-CN/news/276055492.md) |
| PNC Financial Services Group Inc. Acquires 3,223 Shares of Alibaba Group Holding Limited $BABA | PNC Financial Services Group Inc. increased its stake in Alibaba Group Holding Limited by 7.1% in Q3, acquiring an addit | [Link](https://longbridge.com/zh-CN/news/276318339.md) |
| U.S. withdraws Chinese military backed companies list-Federal Register | WASHINGTON, Feb 13 (Reuters) - The Trump administration on Friday withdrew an updated version of its list of Chinese mil | [Link](https://longbridge.com/zh-CN/news/275920026.md) |

---

> **免责声明**：本文内容仅供参考，不构成任何投资建议。