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中文(ZH) 摩根大通：阿里云12%利润率被系统性低估，成熟态ROIC应接近20%

JPMorgan: Alibaba Cloud's Profit Margin Systematically Underestimated

By PulseAugur Editorial · [1 sources] ·

JPMorgan Chase has stated that Alibaba Cloud's current profit margin of 12% is systematically underestimated. The firm believes that Alibaba Cloud's mature state return on invested capital (ROIC) should be closer to 20%. This assessment is based on rapid capital expenditure (Capex) over recent quarters, particularly in graphics processing units (GPUs). AI

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JPMorgan: Alibaba Cloud's Profit Margin Systematically Underestimated

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  1. 雷峰网 (Leiphone) TIER_1 中文(ZH) ·

    JPMorgan: Alibaba Cloud's 12% profit margin is systematically underestimated, mature state ROIC should be close to 20%

    <p>8月21日，摩根大通在最新研究报告中指出，阿里云当前12%利润率被系统性低估，成熟态ROIC应接近20%。原因在于，过去几个季度Capex投放快，大量GPU和数据中心资产刚投产、仍处于60%利用率的爬坡阶段，首年单批ROIC仅约6%，远低于成熟态的20%。摩根大通用堆叠vintage模型外推：即便Capex保持稳定、单位经济不再改善，随着旧资产逐季变多、新资产利用率爬升，整体加权ROIC将从当前约6%的水平自然爬升至接近16%，AI基础设施净自由现金流将在第三年前后穿越盈亏平衡线。</p>

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