《大行報告》摩通下調百度(09888.HK)目標價至250元 評級「增持」
摩根大通發表報告指,由於廣告業務受到監管、宏觀經濟放緩和新冠疫情反覆等因素影響,該行對百度(09888.HK)第三季廣告前景轉爲更加謹慎,下調目標價由255港元降至250港元,維持「增持」評級。
摩通指,考慮到高利潤的廣告收入放緩和投資增加,預計百度核心業務的收入將在第三季和第四季分別按年下降38%和43%,加上收入結構轉向低利潤的雲計算,亦會影響百度的核心利潤率。
摩通估計百度今年第三季度收入爲310億元人民幣(下同),按年增長11%,並較市場預測低2%,主要是由於對百度核心廣告和愛奇藝收入增長持更加謹慎的態度,該行料百度經調整淨利潤預計爲39億元,亦比共識低13%,因降低收入預測和對用戶獲取成本、研發和雲計算人員的投資增加。
另外,摩通將百度2021年和2022年的收入預測分別下調2%和3%,經調整淨利潤率預測分別下調1.2和0.8個百分點,經調整每股收益預測分別下調10%和9%。
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