《大行報告》中金下調百度(BIDU.US)目標價至244.5美元 評級「跑贏行業」
中金髮表報告,指內地加強信息保護,百度(BIDU.US)受影響較小,予評級「跑贏行業」,目標價就下調20.2%至244.5美元。
中金指,受局部疫情以及客戶廣告投放預算下降,下調百度第三季收入預測至315.3億元人民幣(下同),低於市場一致預期1.9%,即按年增長11.7%。由於下半年雲業務增長較快,而中短期內雲業務的利潤率水平有待提升,因此收入結構微調導致整體利潤率的下滑,下調第三季的經調整後淨利潤預測至39.1億元,低於市場一致預期13.7%。
對於《中華人民共和國個人信息保護法》將於2021年11月1日起施行,中金認爲,百度搜索不依賴用戶信息,而且核心廣告業務中搜索廣告收入佔比超過70%,加上百度的信息流廣告是搜索廣告的附加品,即使不允許收集用戶信息,百度仍可以在不涉及用戶數據的基礎上根據搜索關鍵詞做相關的推薦匹配。而且百度跨App的網盟廣告佔比低,且變現效率不高。因此認爲,未來法規施行後,百度是其中受波及較小的。長期來看,公司積極拓展新的業務增長引擎,以AI技術爲基礎的智能雲和自動駕駛業務將快速發展。
中金小幅下調百度2021年和2022年收入預測1%,分別至1,250元和1,378億元,同時分別下調2021年和2022年的盈利預期5%和6%至174億元和200億元。
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