[Guohai Securities: Maintain Alibaba-W “Buy” rating Target price 184 Hong Kong dollars] On October 14, Guohai Securities issued a research report stating that taking into account the continued acceleration of cloud revenue/profit growth, the orderly reduction of losses in the instant retail business, and the gradual stabilization of the traditional e-commerce business, the profit forecast of Alibaba-W has been adjusted. The company’s FY2027-2029 revenue is expected to be 11,312/12,862/1,488.6 billion yuan, respectively, and the net profit attributable to the parent company is respectively 11,312/12,862/1,488.6 billion yuan. 955/1558/214.9 billion yuan, Non-GAAP net profit attributable to the parent company was 1360/1758/236.3 billion yuan respectively, and the corresponding P/E was 18.6x/1 1.4x/8.3x, Neutral gives Alibaba a total target market value of 3.1134 billion yuan in fiscal year 2028, corresponding to a target price of 156 yuan/184 Hong Kong dollars, maintaining a "buy" rating.