瑞银发表报告，预测阿里-W(09988.HK) 今年3月底止上财年第四财季收入按年升5%至2,320亿元人民币，当中淘天集团毛交易总额料按年升4.6%，受惠以旧换新补贴，以及淘天集团策略转向毛交易总额增长。客户管理收入料按年升8%，受惠0.6%软件服务费带来的结构性的提成率上升，以及全站推工具。淘天EBITA料按年升2%。
该行料阿里云季度收入按年升17%，按季加快4个百分点，基于深度求索模型推出后的外在需求增长，EBITA利润率料维持10%，营运优化被折旧增长抵销。国际电商收入料按年升27%，EBITA亏损料按季收窄至35亿元人民币，非核心业务EBITA亏损料收窄至45亿元人民币，总计季度EBITA按年升37.5%至330亿元人民币。
该行维持阿里“买入”评级，H股目标价172元。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-08 12:25。)
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