(電子商務(wù)研究中心訊) 收入/利潤為六月季度2017beat共識(shí)5% / 27%固體e-commerceperformance和經(jīng)營杠桿。總收入為億元人民幣，同比環(huán)比上漲30% / 56% /，比我們的估計(jì)/一rmb48.5bn/rmb47.9bn respectively.non-gaap EPS為rmb7.95高3%／5%，擊敗我們的估計(jì)一致rmb5.86 / rmb6.25by36 % / 27%。非GAAP運(yùn)營利潤率增加了8ppts / 4ppts環(huán)比/同比，由經(jīng)營杠桿的實(shí)體帶來的收入增長，這抵消了連續(xù)投資Lazada庫存，優(yōu)酷土豆的內(nèi)容，菜鳥物流和天貓超市的fulfillmentservices。
在線廣告收入同比增長65%，增加流量和點(diǎn)擊次數(shù)驅(qū)動(dòng)。核心電子商務(wù)業(yè)務(wù)收入rmb43bn，36% / 58%的環(huán)比/同比，主要依靠網(wǎng)絡(luò)營銷服務(wù)的強(qiáng)勁表現(xiàn)，其中營業(yè)收入同比增長65%，在同比基礎(chǔ)上，這是由于1)流量增加，與茂淘寶App reaching529m，添加22m與上季度相比；2)固體GMV生長，有利于電子商務(wù)行業(yè)fromcontinuous滲透，和49%的同比增長在天貓GMV；和3)的點(diǎn)擊數(shù)增加，因?yàn)楦嗟膫€(gè)性化內(nèi)容推薦的產(chǎn)品更advancedalgorithm支持。通過向廣告主提供更好的價(jià)值主張，阿里巴巴的電子商務(wù)平臺(tái)，吸引更多的商家支付平均支出也在增加，我們認(rèn)為。銀泰的合并可能2017also促成的核心電子商務(wù)業(yè)務(wù)的yoyrevenue生長。此外，國際零售收入同比增長by136同比%，由Lazada和阿里巴巴全球速賣通快速GMV增長驅(qū)動(dòng)。
不付費(fèi)的云業(yè)務(wù)的客戶達(dá)到1m的里程碑，與稅前l(fā)ossmargin進(jìn)一步縮小。云計(jì)算的收入同比增長96%，達(dá)到實(shí)現(xiàn)24億元，通過付費(fèi)客戶擴(kuò)張驅(qū)動(dòng)。付費(fèi)用戶的數(shù)量businesssurpassed云1m由六月的季度末，和客戶群涵蓋了范圍廣泛的行業(yè)，如能源、消費(fèi)品牌、金融機(jī)構(gòu)、制造業(yè)、零售業(yè)。堅(jiān)實(shí)的收入增長和規(guī)模經(jīng)濟(jì)的推動(dòng)下，云計(jì)算業(yè)務(wù)的稅前虧損幅度收窄至4%，從一年前的13%。然而，隨著市場的擴(kuò)張仍然是重中之重，對于Ali Cloud，我們希望在云的激進(jìn)的投資繼續(xù)，和分部稅前利潤可能出現(xiàn)波動(dòng)季度。
數(shù)字媒體的創(chuàng)新舉措，穩(wěn)步增長，導(dǎo)致收入的8% / 1%，分別。數(shù)字媒體業(yè)務(wù)收入同比增長30%至rmb4.1bn，由UCWEB新聞和移動(dòng)搜索增值收入驅(qū)動(dòng)。優(yōu)酷土豆在用戶數(shù)量快速增長，歸屬于通俗劇的播出。創(chuàng)新舉措是rmb645m收入，同比增長21%，由來自AutoNavi的收入增長的帶動(dòng)下，自六月的季度，從新鮮的食品店Hema收入重新分類從innovationinitiatives到中國商業(yè)零售企業(yè)的業(yè)務(wù)越來越mature.valuation。我們調(diào)整我們的收入預(yù)測由于高于預(yù)期的客戶managementrevenue(以前稱為在線營銷收入)和提高利潤底線估計(jì)的改進(jìn)。電梯TP 191美元，這意味著45x / 37x cy2017e / 18e PE。維持買入。
原文：
Revenue/profit for the June quarter 2017beat consensus by 5%/27% on solid e-commerceperformance and operating leverage. Total revenue was RMB50.2bn, up 30%/56% QoQ/YoY,and 3%/5% higher than our estimate/consensus of RMB48.5bn/RMB47.9bn respectively.Non-GAAP EPS was RMB7.95, beating our estimate/consensus of RMB5.86/RMB6.25by36%/27% respectively. Non-GAAP operating margin increased by 8ppts/4ppts QoQ/YoY, drivenby operating leverage brought by solid revenue growth, which offset the continuous investmentin Lazada inventory, Youku Tudou content, Cainiao logistics and Tmall Supermarket’s fulfillmentservices.
Online advertising revenue grew by 65% YoY, driven by increase in traffic and the number ofclicks. Core e-commerce business revenue was RMB43bn, up 36%/58% QoQ/YoY, mainly drivenby the solid performance of online marketing services, the revenue of which increased by 65% ona YoY basis, which was attributable to 1) increased traffic, with MAU of Taobao app reaching529m, adding 22m compared with the previous quarter; 2) solid GMV growth, benefiting fromcontinuous penetration of the e-commerce industry, and 49% YoY growth in Tmall GMV; and 3)increased number of clicks, thanks to more personalized content backed by more advancedalgorithm for product recommendation. By providing a better value proposition to advertisers,Alibaba’s e-commerce platform is attracting more paying merchants and average spending is alsoincreasing, in our view. The consolidation of Yintai from May 2017also contributed to the YoYrevenue growth in core e-commerce business. In addition, international retail revenue grew by136% YoY, driven by rapid GMV growth from Lazada and AliExpress.
No. of paying customers of the cloud business reached the 1m milestone, with EBITA lossmargin further narrowed. Cloud computing revenue increased by 96% YoY, reaching RMB2.4bn,driven by expansion of paying customers. The number of paying customers for the cloud businesssurpassed 1m by the end of the June quarter, and the customer base covered a wide range ofindustries, such as energy, consumer brands, financial institutions, manufacturing, healthcareand retail. Driven by solid revenue growth and economies of scale, the EBITA loss margin of thecloud business narrowed to -4%, from -13% a year ago. However, as market expansion is still thetop priority for Ali Cloud, we expect the aggressive investment in cloud to continue, and thesegment EBITA margin may fluctuate from quarter to quarter.
Steady growth for digital media and innovation initiatives, which contributed 8%/1% of totalrevenue, respectively. Digital media business revenue increased by 30% YoY to RMB4.1bn,driven by VAS revenue from UCWeb news feed and mobile search. Youku Tudou saw rapidgrowth in the number of subscribers, attributable to the broadcast of popular dramas. Revenuefrom innovation initiatives was RMB645m, up 21% YoY, driven by revenue growth from AutoNavi.Since the June quarter, revenue from the fresh store food Hema is reclassified from innovationinitiatives to China commerce retail business as the business is becoming more mature.Valuation. We adjust our revenue forecast due to higher-than-expected customer managementrevenue (previously named online marketing revenue) and raise bottom-line estimates onimproved margins. Lift TP to US$191, implying 45x/37x CY2017E/18E PE. Maintain Buy.（來源：交銀國際證券；編選：交銀國際證券）
