China Internet: Hyperscalers Moving Into AI Chips: Custom Silicon Gains Traction, Compute Strategies Diverge

报告摘要

Ali Health lowered its FY27 revenue growth target from 10-15% to 7-10% yoy, while keeping adjusted net profit guidance unchanged at Rmb1.9b-2.3b. This reflects proactive optimisation of product-price subsidies, with savings redeployed into B2C+O2O supply-chain integration. We lower our FY27 revenue growth estimate from 12.4% to 8.5% yoy, while maintaing FY27-29 revenue and adjusted net profit CAGRs of 12% and 15% on innovative drugs momentum, deepened Aliba synergies, and expanding AI adoption. Maintain BUY. Lower target price to HK$4.00.