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阿里巴巴-SW(9988.HK):淘天GMV增速回暖 预计8月在港双重主要上市

Alibaba-SW (9988.HK): Taotian GMV's growth rate is picking up and is expected to double major listings in Hong Kong in August

光大證券 ·  May 15

The company's 4QFY2024 revenue also increased 6.57%, and net profit attributable to common shareholders decreased by 86.09%. On May 14, the company announced its 2024 annual report: the 2024 fiscal year achieved operating income of 941,168 billion yuan, an increase of 8.34% year on year, and realized net profit attributable to common shareholders of 79.741 billion yuan, an increase of 9.97% year on year. The corresponding diluted EPS was 3.91 yuan, achieving net profit of non-GAAP net profit of 157.479 billion yuan, an increase of 11.39% year on year.

Looking at the single-quarter split, 4QFY2024 achieved operating income of 221,874 billion yuan, up 6.57% year on year, and realized net profit attributable to common shareholders of 3.270 billion yuan, a year-on-year decrease of 86.09% (mainly due to large net loss due to changes in market value of the equity investments held in listed companies, compared with net income for the same period of the previous year). The corresponding diluted EPS was 0.16 yuan, achieving non-GAAP net profit of 24.418 billion yuan, a decrease of 10.80% year over year.

The company's 4QFY2024 comprehensive gross margin decreased by 0.07 pct, and the cost ratio increased by 1.00 pct. The company's comprehensive gross margin for the fiscal year 2024 was 37.70%, up 0.98 percentage points from the previous year. Looking at the single-quarter split, 4QFY2024's comprehensive gross margin was 33.25%, down 0.07 percentage points from the previous year.

The company's expense ratio for the fiscal year 2024 was 23.09%, down 0.89 percentage points year on year. Among them, sales/management/finance/R&D expenses were 12.23%/4.46%/0.84%/5.55%, respectively, with a year-on-year change of +0.32/ -0.40/+0.16/ -0.98 percentage points, respectively. The 4QFY2024 company's expense ratio for the period was 26.64%, up 1.00 percentage points year on year. Among them, sales/management/finance/R&D expenses were 12.99%/6.32%/0.98%/6.35%, respectively, with a year-on-year change of +1.02/ +0.16/ +0.15/-0.32 percentage points, respectively.

FY2024 has repurchased a total of US$12.5 billion. At the end of August, 4QFY2024, which is dual-listed in Hong Kong, is expected to repurchase a total of 524 million shares of common shares at US$4.8 billion, while FY2024 will repurchase a total of 1,249 billion shares of common shares at US$12.5 billion. As of May 14, 2024, the Board of Directors has approved the payment of approximately $4 billion in dividends. Meanwhile, the company is expected to complete the conversion by the end of August 2024 and have a dual major listing on the Hong Kong Stock Exchange.

Lower profit forecasts and maintain “buy” ratings

The company's 4QFY2024 profit performance fell short of our previous expectations. On the one hand, due to the company's high investment losses, and on the other hand, due to the company's high investment in overseas and Taotian business, we expect the company to continue to invest in the future, lowering the forecast for FY2025/FY2026 net profit attributable to common shareholders by 28%/30% to 854.49/90.702 billion yuan, adding a forecast of 94.562 billion yuan for FY2027's net profit attributable to common shareholders. The GMV growth rate of the company's Taotian business picked up, maintained good shareholder returns, and maintained a “buy” rating.

Risk warning: New business development falls short of expectations, increased competition in the industry, and the impact of live e-commerce.

The translation is provided by third-party software.


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