(电子商务研究中心讯)　　在促销的3P平台之美

　　阿里巴巴发表了强劲的季度收入rmb50.2b(同比增长56%)，2% / 5%在DBE /街。对rmb43b核心商务启顶DBE 4%提高内容和个性化。天猫实物GMV grew49同比%(VS行业在31%元国家统计局)。非GAAP EBITDA利润率为of50.1 5.3ppts/5.7ppts高于DBE /街。核心商务的ebitamargin进一步增长到63%；这在胺积极补贴月促销。巴巴重申其全年营收指导49同比%，预览2h较高的投资，提高fy18rev增长49%的强劲势头，我们重申买入。

　　在营销服务的强劲增长；投资加强2hfy18

　　佣金收入为核心商务的贡献下降到24%(vs 32%可是Q)作为公司扣除回扣佣金的商家在促销活动时间六月。商家可以将theserebates回到“客户管理”花(网络营销)，从而alsoaiding收入加速到65%(vs 45%上Q)。我们预计robustcustomer管理收入势头继续在九月问butnormalize 2h研磨算法改变去年。我们预计总投资预算为fy18 rmb5-6b，表明较高的投资规模2hfy18。投资将集中在B2C市场份额的扩大(竞争意义指出，云视频内容…)。

　　3.5%美元208美元提升TP；维持买入

　　我们增加fy18 / 19 / 1% / 1% / 1% 20revenue和7% / 6% / 6%非GAAP净收入增加。我们举起的EBITDA利润率由150bps / 180bps / 100bps.our TP是基于一个不变的停止：1)33x cy18e P / E的电子商务；2)8x cy18e EV /销售阿里巴巴云；3)29x cy18e EV/EBITDA为ant'spayment和WM业务，和5.5 cy18e P／BV的贷款和保险业务；4)对新菜鸟资本筹集价值；5)净现金excludingalibaba云。风险：收入和用户增长放缓；intensifyingcompetition；不能扩大或赚钱的阿里巴巴云业务。Seepp。4 - 5。

　　原文：

　　The beauty of a 3P platform during promotions

　　Alibaba delivered a strong quarter with revenue of RMB50.2b (+56% YoY),2%/5% ahead of DBe/street. Core-commerce rev of RMB43b topped DBe by4% on improving content and personalization. Tmall physical goods GMV grew49% YoY (vs the industry at 31% per NBS). Non-GAAP EBITDA margin of50.1% was 5.3ppts/5.7ppts higher than DBe/street. Core-commerce adj EBITAmargin grew further to 63%; this amidst amids the aggressive subsidies ofJune promotions. BABA reiterated its full year revenue guidance of 45-49%YoY, previewing higher investment in 2H. In raising FY18rev growth to 49% tocapture strong momentum, we reiterate Buy.

　　Robust growth in marketing services; investment to step up in 2HFY18

　　Commission revenue contribution to core-commerce dipped to 24% (vs 32% inDec Q) as the company deducted rebates from their commission schedule tomerchants during the June promotional event. Merchants could reinvest theserebates back into”customer management”spend (online marketing), thus alsoaiding in revenue acceleration to 65% (vs 45% last Q). We expect robustcustomer management revenue momentum to continue in the Sep Q butnormalize in 2H in lapping the algorithm change last year. We expect a totalinvestment budget of RMB5-6b for FY18, indicating a higher investment scalein 2HFY18. Investment will focus on market share expansion for B2C(competitive implications noted…), cloud and video content.

　　Lifting TP by 3.5% to US$208; Maintain Buy

　　We increase FY18/19/20revenue by 1%/1%/1% and increase non-GAAP netincome by 7%/6%/6%. We lift adj EBITDA margin by 150bps/180bps/100bps.Our TP is based on an unchanged SOTP: 1) 33x CY18E P/E for e-commerce; 2)8x CY18E EV/Sales for Alibaba Cloud; 3) 29x CY18E EV/EBITDA for Ant’spayment and WM business, and 5.5x CY18E P/BV for the loan and insurancebusiness; 4) Cainiao valn on latest capital raise; and 5) Net cash excludingAlibaba Cloud. Risks: slower revenue and user growth; intensifyingcompetition; and inability to expand or monetize Alibaba Cloud business. Seepp. 4–5.（来源：德意志银行；文/Alan Hellawell；编选：中国电子商务研究中心）