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個股觀察 | 百度業績超預期,花旗和Jefferies稱廣告收入增速有望觸底
uSMART盈立智投 03-02 09:34

百度公佈的第四季度業績超出市場預期,主要因核心業務增速穩健且愛奇藝虧損收窄。花旗和Jefferies認爲因宏觀環境復甦等原因,百度的廣告收入增速有望觸底,花旗並上調公司美股目標價至254美元。

百度ADR週二大漲逾6.8%,報162.86美元。

中金分析師白洋在報告中指出:

百度四季度收入超出市場預期,主要因核心業務增速穩健;百度非通用準則淨利潤超市場預期38.8%,主要因愛奇藝虧損收窄明顯。

受疫情、宏觀以及監管政策的影響,公司核心廣告收入增速相對放緩,公司預計2022年上半年該趨勢或仍將延續。

考慮到愛奇藝控制成本費用收窄虧損,分別上調百度2022年和2023年非通用準則淨利潤22%和10%,至140億元人民幣和205億元。

維持跑贏行業評級,以及美股218.8美元和港股213.3港元的目標價。

花旗分析師Alicia Yap等在報告中指出

百度四季度業績超過預期,小幅上調公司今明兩年收入預測以反映最新的業績情況。

公司的廣告收入增速很可能在今年一季度觸底,因宏觀環境的復甦和更輕鬆的競爭環境。公司智能雲收入繼續跑贏同行,受益於更小的互聯網垂直行業的敞口。看好公司在工業互聯網數字化、城市化以及碳中和目標方面處於有利低位。

維持對公司的買入評級,上調美股目標價11%至254美元。

Jefferies分析師Thomas Chong等在報告中指出

百度四季度業績超預期,假設疫情沒有惡化,公司的核心廣告收入將會觸底。公司在智能雲、智能駕駛等領域有清晰的戰略佈局,預計未來幾年公司非廣告部門的快速增長將貢獻更多業績。

維持買入評級,維持美股272美元 和港股264港元的目標價。

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