The Zhitong Finance App learned that Guohai Securities released a research report stating that it maintains the Alibaba-SW (09988) “buy” rating, with a target price of HK$114. Considering that the company is in a business adjustment period and will continue to increase investment in Taotian Group and overseas business in the future, the bank adjusted FY2024-FY 2026 revenue to 9463/10282/1113 billion yuan respectively, net profit to mother of 946/1110/126.7 billion yuan, corresponding diluted EPS was 4.5/5.3/6 yuan, and the corresponding P/E was 14/12/11 times. The company announced an increase in share repurchases of 25 billion US dollars, increasing the total repurchase scale to 65 billion US dollars. After the increase in scale, the validity period of the share repurchase plan will be extended until the end of March 2027, and there will also be a share repurchase amount of 35.3 billion US dollars over the next three fiscal years.