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《大行報告》瑞信上調百度-SW(09888.HK)目標價至184元 評級「跑贏大市」
瑞信發表研究報告,上調百度-SW(09888.HK)(BIDU.US)H股目標價,由181元上調至184元,評級「跑贏大市」。該行指百度首季核心純利勝市場預期;另受惠於成本減省,經調整經營溢利率達17%遠勝市場預期。該行指新冠疫情影響第二季廣告收入展望,亦打擊線下經濟及中小企,但百度相對分散的客戶組合有助使其更具防守性,料第二季廣告收入按年跌一成。此外,新冠將影響雲項目交付,但交付將在疫情緩和後恢復。 該行又指,百度新業務開始見成果:雲服務偏向平衡增長,在自動駕駛系統銷售上與大型代工車廠有更多合作,集度汽車計畫下月推出首款量產車,並料明年交付。 該行上調百度今明兩年經調整每股盈測15%及3%,反映更主動成本削減,並指經營溢利率有上行空間、淨現金及市盈率計估值不高為股價帶來支持。
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