Let's take a look at Alibaba's Q3 financial report. I almost chase Alibaba every quarter, belonging to the cohort that follows closely, a dedicated person. If small shareholders are also devoted fans, I should be considered a 'dedicated breastfeeding mom fan.' Of course, I'm not the only one with overflowing love, major institutions also do; before the financial report, I took a quick look. Whether it's MS, Jefferies, Barclays, or Citi, the target price range is 115-140. However, overall, the market's expectations are actually somewhat bleak. The long wind brings autumn geese, dancing freely on high-rise buildings.
At this moment, I think there are many key investment keywords for Alibaba, such as missed expectations, stock price elasticity, business focus, event-driven, growth quality (realization rate), blah blah. However, I have a certain love for 'growth quality.' I estimate that Alibaba will experience a one-time fading effect on expenditure base this year (due to high investment and other one-time spending last year), along with a series of gradually realized effects of loss reduction reported (such as the local life + major entertainment that I always criticize), with a chance to pull up profit margins; if everything goes well, hitting two birds with one stone on the stock price.
Let's take a look at the financial report, grasp the key contradictions and business focus. For easy understanding, this article uniformly refers to this financial report as 3Q24, different from Alibaba's fiscal year.
Tao Tian: Leading without internal competition
Focus on the Taotian business, the key focus is not drawn on but sewn on, a permanent focus. Throughout the 2024 fiscal year (Alibaba's 2024 fiscal year, refers to the natural year 2...