《大行報告》瑞信首予百度(09888.HK)H股「跑贏大市」評級 目標價339元
瑞信發表報告指,百度(09888.HK)首季核心盈利按年增長35%,高於市場預期2%,主要由於非市場推廣收入增長強勁,增幅達70%,大幅高於去年第四季的52%。首季核心業務經調整營運利潤率提升3個百分點至25%,公司對次季核心業務增長指引20%至33%亦高於市場預期3%。該行預計百度將加強銷售隊伍投資及雲端業務的研發投入,料次季核心業務經調整營運利潤率將按季跌2個百分點,全年將跌7個百分點至25%。至第四季百度雲端業務增長將達75%,較首季的55%大幅加快。
該行下調百度今明兩年經調整盈測分別8%及4%,以反映更多業務投資,美股目標價自356美元下調至350美元。首予百度H股「跑贏大市」評級,目標價339元。
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