Alibaba (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report said during its annual investor meeting in China on Thursday that the company's revenue could grow a stunning 49% for the 2018 fiscal year, but which of its businesses are prompting this rosy forecast?

The company, which reported $23.3 billion in revenue for the past year ended March 31, is still heavily reliant on its core e-commerce business. For the past quarter, its bundle of e-commerce arms brought in $4.6 billion of its $5.2 billion total revenue.

But its e-commerce business is more complicated than the one-stop shop of U.S. e-commerce giant (AMZN) - Get, Inc. Report due to its different businesses that specialize in different types of e-commerce. "Revenue from core commerce is primarily generated from our China retail marketplaces,, AliExpress, and," the company said in its latest financial report.

Alibaba's stock finished Thursday up 13% to $142.18 on news of the favorable outlook, and the stock is up about 62% year-to-date. 

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CrispIdea head of research Shejal Ajmera raised the company's price target to $144 based on the guidance and said she sees upside potential of 16% now, vs. 10% before the announcement. "We have gained confidence in Alibaba and estimate the top line growth of ~35% - 40% in FY18," she wrote in an email on Thursday. 

TheStreet has broken out its different e-commerce businesses to give you a better picture of where its revenue growth is coming from.