【券商聚焦】招商证券维持阿里巴巴-SW“强烈推荐”评级指阿里云受益于全球云服务提价趋势

金吾财讯01-29

（原标题：【券商聚焦】招商证券维持阿里巴巴-SW(09988)“强烈推荐”评级指阿里云受益于全球云服务提价趋势）金吾财讯|招商证券发布研报指，阿里云作为AI云市场份额第一的头部厂商，有望受益于全球云服务提价趋势。报告指出，AWS、谷歌云近期宣布涨价，主要因AI需求爆发导致算力供需失衡。国内云服务市场定价逻辑有望重构，行业竞争格局优化下，阿里云凭借深厚算力布局和客户粘性，具备更强定价自主权。报告...

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maintains Alibaba-SW's \"highly recommended\" rating, indicating that Alibaba Cloud has benefited from the global cloud service price increase trend","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"600999":1.86,"ALBmain":0.6,"09988":1.98,"06099":1.86,"HBBD.SI":0.6,"BABA":1.98},"content_text":"（原标题：【券商聚焦】招商证券维持阿里巴巴-SW(09988)“强烈推荐”评级 指阿里云受益于全球云服务提价趋势）金吾财讯|招商证券发布研报指，阿里云作为AI云市场份额第一的头部厂商，有望受益于全球云服务提价趋势。报告指出，AWS、谷歌云近期宣布涨价，主要因AI需求爆发导致算力供需失衡。国内云服务市场定价逻辑有望重构，行业竞争格局优化下，阿里云凭借深厚算力布局和客户粘性，具备更强定价自主权。 报告给予阿里巴巴-SW(09988)目标价194港元，维持“强烈推荐”评级。财务预测显示，FY2026-2028年集团Non-GAAP归母净利润预计为924/1344/1809亿元，云业务加速成长及自研芯片业务将带来估值空间。 关键财务指标方面，FY2026E营收预计同比增长6%至10578亿元，经调整EBITA同比下滑41%至1013亿元，主要因闪购等增量投入。盈利能力上，毛利率稳定在38%，ROE预计从FY2026E的4.1%提升至FY2028E的10.8%。风险提示包括宏观经济波动及行业竞争加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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【券商聚焦】招商证券维持阿里巴巴-SW“强烈推荐”评级 指阿里云受益于全球云服务提价趋势

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【券商聚焦】招商证券维持阿里巴巴-SW“强烈推荐”评级指阿里云受益于全球云服务提价趋势