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《大行报告》瑞信首予百度(09888.HK)H股「跑赢大市」评级 目标价339元
阿思达克 05-20 09:43
瑞信发表报告指,百度(09888.HK)首季核心盈利按年增长35%,高於市场预期2%,主要由於非市场推广收入增长强劲,增幅达70%,大幅高於去年第四季的52%。首季核心业务经调整营运利润率提升3个百分点至25%,公司对次季核心业务增长指引20%至33%亦高於市场预期3%。该行预计百度将加强销售队伍投资及云端业务的研发投入,料次季核心业务经调整营运利润率将按季跌2个百分点,全年将跌7个百分点至25%。至第四季百度云端业务增长将达75%,较首季的55%大幅加快。

该行下调百度今明两年经调整盈测分别8%及4%,以反映更多业务投资,美股目标价自356美元下调至350美元。首予百度H股「跑赢大市」评级,目标价339元。

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