阿里巴巴-SW: FY25Q1業績前瞻： GMV及貨幣化率有望提升，股權回購持續

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Alibaba Group Holding  (9988 HK) FY25Q1業績前瞻：GMV及貨幣化率有望提升，股權回購持續 FY25Q1E preview: higher GMV and monetization rates and Alibaba bought back more shares BUY (maintain) 投資要點/Investment Thesis 投資要点/Investment Thesis 業績前瞻： 我們預計FY25Q1阿里巴巴收入爲2488億元，yoy增長6.2%；預計公司經調整EBITA 405億元， yoy-10.8%，EBITA Margin 16.3%；預計Non-GAAP淨利潤421億元，yoy-6%。 FY25Q1E preview: we estimate adjusted EBITA declined 10.8% yoy to RMB40.5bn Our preview of Alibaba’s performance in FY25Q1E (the fiscal quarter ended June 2024) estimates revenue arrived at RMB248.8bn, up 6.2% yoy, and adjusted EBITA at RMB40.5bn, down 10.8% yoy, with an EBITA margin of 16.3%; and non-GAAP net profit at RMB42.1bn, down 6% yoy. 淘天集團：全站推廣上線， GMV及貨幣化率有望提升。我們預計FY25Q1淘天集團收入yoy+2.8%。 CY24Q2整體居民零售消費保持恢復，4月/5月/6月 ………………………………