电商门户 互联网+智库
当前位置:100EC>B2C研究>研报:德意志银行:阿里巴巴:营销手法 三月预览
研报:德意志银行:阿里巴巴:营销手法 三月预览
发布时间:2017年05月19日 10:23:01

(电子商务研究中心讯)  宝山峰会有趣的见解;提升税率阿里巴巴将于5月18日公布3月份的Q结果。我们预计收入为36.2亿元(同比增长50%),符合一致。中国零售业增速将同比增长37%至251亿元人民币。同比增长108%至22亿元人民币,仍略有下滑。数字娱乐损失应与QoQ保持相似。由于苏宁提取5%预扣税,我们将有效税率提高至28%,数字娱乐损失只有微小数字。我们预计非GAAP净收入为106亿美元。最近与天猫品牌合作推出新兴市场计划的形式,导致我们保留购买建议。

      追求杰克“新零售”的新战略:从Uni-ID到Uni-Marketing阿里巴巴在最近的一次BZUN活动中,将其“Uni-Marketing”策略列为其最新的“新零售”计划,利用其Uni-ID来实现品牌实现洞察和与消费者的互动。该公司将于7月份推出新的营销工具包,包括BPDB,Uni-Desk,Uni-CRM,Uni-Strategy(本文档案)。例如百事可乐与阿里巴巴签署了跨市场计划,定制产品和全方位解决方案的协议。我们在这方面继续听到品牌的良好反馈。

      BABA的6月8 - 9日活动应该提供更多的业务洞察力。

      Cloud的另一个降价业务有可能继续亏损,在扩大市场领导地位方面仍然保持积极态度。AliCloud今年早些时候与优酷云合作,宣布降价高达35%。由于AliCloud专注于成长客户,我们预计今年将进一步降价。我们预计在未来几个总部可以逐步提高利润。

      缓解目标价2.5%至144美元,以反映较高的税费;维持BuyWe维持收入预测,并将FY-17/18非GAAP净收入减少1%/ 2,以反映更高的税率。我们采用不变的SOTP估值(参考评估部分)。风险:竞争,宏观,投资。

  Interesting insights from Baozun summit; lifting tax rateAlibaba will announce March Q results on May 18th. We expect revenue ofRMB36.2b (+50% YoY), in-line with consensus. China retail rev should grow37% YoY to RMB25.1bn on clear industry tailwinds and ad growth. Cloudshould grow 108% YoY to RMB2.2bn, still with a slight loss. Digitalentertainment losses should remain similar QoQ. We lift effective tax rate to28% due the pick-up of a 5% withholding tax on Suning and only slightlynarrowed digital and entertainment loss. We expect non-GAAP net income ofRMB10.6bn. Recent profiling of collaboration with Tmall brands behind newmarketing initiatives lead us to retain our Buy recommendation.

  Pursuing Jack’s“new retail”with new strategies: from Uni-ID to Uni-MarketingAlibaba at a recent BZUN event detailed its“Uni-Marketing”strategy as itslatest“new retail”initiative, utilizing its Uni-ID to enable the brands to achievebetter insights into, and interactions with, consumers. The company in Julywill launch a new marketing toolkit, incl. BPDB, Uni-Desk, Uni-CRM, Uni-Strategy (profiled herein). PepsiCo for instance signed agreements withAlibaba across marketing initiatives, customized products and Omni-channelsolutions. We continue to hear favorable feedback from brands on this front.

  BABA’s Jun 8-9 event should offer further insights across the business.

  Another price cut on Cloud; business likely to continue to run at a lossAliCloud remains aggressive in expanding its market leadership. AliCloudmerged with Youku Cloud earlier this year, announcing price cuts of up to35%. We expect further price cuts this year as AliCloud focuses on growingcustomers. We expect gradual margin improvement over the next fewquarters.

  Easing TP by 2.5% to US$144 to reflect higher tax; Maintain BuyWe maintain revenue forecast and reduce FY17/18 non-GAAP net income by1%/2 to reflect a higher tax rate. We adopt unchanged SOTP valuation (refer tovaluation section). Risks: competition, macro, investment.(来源:德意志银行;文/Alan Hellawell;编选:中国电子商务研究中心)

3月27日,国内知名电商智库电子商务研究中心发布《2017年度中国共享经济发展报告》(全文下载:http://www.100ec.cn/zt/2017gxjj/),报告对2017年共享经济进行宏观分析,涉及领域与平台主要有:1)交通出行:滴滴出行、易到、首汽约车、神州优车、ofo、摩拜单车、哈罗单车、Go fun出行、TOGO途歌等;2)共享充电宝:小电科技、街电科技、来电科技等;3)共享物流:新达达、人人快递、饿了么“蜂鸟”、美团众包、点我达、1号货的、云鸟配送、货车帮等;4)共享金融:淘宝众筹、京东众筹、苏宁众筹、百度众筹等;5)共享餐饮:隐食纪、熊猫星厨、吉刻送、hatchery、回家吃饭、隐食家、爱大厨等;6)共享住宿:住百家、小猪短租、途家等;7)共享雨伞:街借伞、共享E伞、春笋、橙伞等;8)上门服务:河狸家、新氧、星后等;9)二手共享:闲鱼、猎趣、爱回收、瓜子二手车、人人车、优信二手车等;10)知识技能:果壳、在行、猿题库、学霸君、跟谁学、猪八戒等;11)共享医疗:春雨医生、丁香医生、好大夫在线、企鹅医生、平安好医生、微医等共11大领域。

股票名称/代码
昨日收盘
涨跌幅
¥/现价
  • 002095.SZ
  • 002315.SZ
  • 300226.SZ
  • 002711.SZ
  • 002024.SZ
  • 002127.SZ
  • 002127.SZ
  • 002640.SZ
  • 300209.SZ
  • 601113.SH
  • 002352.SZ
  • 600233.SH