CITIC Securities: We give Alibaba-W (09988) a "buy" rating and expect that its flash sale business will contribute a stable profit of up to 18.3 billion yuan.

According to the Wise Finance APP, Citic Securities released a research report stating that Alibaba-W (09988) was given a "buy" rating, considering Alibaba's outstanding capital advantages and believing that a duopoly competition structure is expected to form in the medium term. By relying on a dual-mode development of full-category business, the bank expects to contribute 1 trillion yuan in incremental GMV from FY2026 to FY2028. The company emphasizes optimizing efficiency after scaling up, with a clear trend in UE improvement, and the bank expects the flash purchase business to contribute stable profits of 18.3 billion yuan. In an optimistic valuation scenario, based on future valuation discounting, the potential market value increase in 2026 is nearly 200 billion yuan.