《大行報告》高盛上調百度(09888.HK)目標價至240元 評級「買入」
高盛發表研究報告,指出百度-SW(09888.HK)第四季業績超出預期,雖然公司核心搜索業務實現按年增長1%,但該行認為其由智能雲所推動的非廣告收入表現跑贏。
該行認為,隨著公司不斷以多樣化內容及閉環服務來豐富其移動生態系統(如去年第四季的電商商品成交金額為第一季的5倍),加上宏觀經濟復甦,為公司2022財年下半年的廣告收入加速增長鋪平道路。
此外,高盛指百度的非廣告業務執行速度加快,包括擴展Apollo Go自動駕駛出行服務,以及來自比亞迪(01211.HK)的訂單,將更好地釋放百度將人工智能能力變現的潛力,長期保持行業領導地位。該行上調百度2022至2024年集團層面收入預測1%至2%,惟降同期經調整純利預測4%至6%,以反映智能雲收入貢獻佔比擴大;集團層面毛利率下降預期。對百度H股的目標價由236元上調至240元,維持「買入」評級。
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