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Tianfeng Securities: maintain Alibaba-SW "buy" rating target price of HK $169

Tianfeng Securities estimates that the revenue of FY2023-25 is RMB 9938/11638/1373.2 billion, the adjusted net profit attributable to shareholders (Non-GAAP) is RMB 139.1/164.1/1950 billion, and the target price is HK $169.
As the leading Internet economy in China, it still maintains strong competitiveness despite multiple challenges such as regulatory norms and intensified industrial competition. With the policy regulatory margin improving, it currently has strong investment value.

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