Alibaba (BABA) - Get 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 Amazon.com (AMZN) - Get 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, 1688.com, AliExpress, Alibaba.com and Lazada.com," 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. 

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.