HuaYuan Securities: Maintains Buy rating on Alibaba

HuaYuan Securities issued a research report on Alibaba-SW, maintaining a "buy" rating. The company's FY2026Q4 revenue showed steady growth, with the AI revenue of the Cloud Intelligence Group experiencing a triple-digit growth for 11 consecutive quarters. The user experience of Taobao Flash Sale has significantly improved. It is expected that the FY2027-2029 net profit attributable to shareholders will achieve a CAGR of 21%. The current valuation is reasonable, focusing on the long-term value driven by the dual engines of e-commerce and cloud.