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《大行報告》瑞信下調百度(09888.HK)目標價至335元 評級「跑贏大市」
瑞信發表研究報告,預測百度(09888.HK)(BIDU.US)今年第二季核心業務收入將按年增長26.5%,達到公司增長指引的中位數,主要受廣告收入所帶動;百度AI雲業務則料增長65%。

該行預期,由於廣告以外業務投資增加,核心經調整經營溢利率將下降至23%。瑞信又指,在目前的監管環境下百度風險相對較低,搜尋業務在提供個性化服務時不需要收集用戶敏感資料。

就收購YY Live的交易,該行認爲造成壟斷機會不大,預期下半年交易將獲得監管部門批準。

考慮到百度App每日活躍用戶人數維持穩健增長,認爲估值吸引,維持對其「跑贏大市」評級,但因來自愛奇藝(IQ.US)的虧損增加及業務加大投資,將目標價由339元降至335元。

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