Kaiyuan Securities: Alibaba-SW buy rating for the first time, short-term income and profit under pressure

Kaiyuan Securities estimates that the net profit attributable to the parent of FY2023-25 non-GAAP is 141.5/162.7/191.4 billion yuan.

As of FY2022, the annual active consumers of the company's retail business in China reached 903 million, and the GMV of the ecosystem reached 8317 billion yuan.

In the short term, consumption will tend to be cautious, online traffic growth and competition are fierce, and the company's continuous investment in near-field e-commerce layout, logistics performance and supply chain construction has led to pressure on revenue and profit; In the long run, with more demands covered by far, medium and near-field retail scenarios on the consumer side, the profit margin of cloud computing will continue to improve, and it is expected to maintain healthy growth in the future.