It is learned on December 23 from Flush Financial Research Center, Guosen Securities issued an announcement related to Alibaba on December 22.

Investment suggestion: wait for the inflection point of the impact of live broadcast e-commerce in the short term, and be optimistic about Ali’s capacity barriers in the warehouse distribution supply chain in the long term.

Considering the pandemic opening policies, the short-term increase in covid cases leading to weakening consumption and having an impact on the company’s income, and the reduction in control benefiting the company’s development in the long run, we adjust Alibaba’s revenue forecast for the 2023-2025 fiscal year to 8611/9762/1118.8 billion yuan, with an adjustment range of -6.5%/-2.8%/1.3%, lower the target price to 123-130 Hong Kong dollars, 15%/17% lower than the original target price, and maintain the “overweight” rating.