《大行報告》麥格理首予百度(09888.HK)「跑贏大市」評級 目標價185元
麥格理發表研報,首次給予百度(09888.HK)(BIDU.US)「跑贏大市」評級,指出百度為中國領先的搜索平台和人工智能(AI)公司,核心搜索引擎業務外,一直在利用其內部技術擴展業務範圍,預計線上廣告業務將成為新核心利潤引擎。
該行指,自2022年6月以來快消品廣告需求逐漸恢復,汽車的廣告需求亦被提振,預計未來用於搜索相關廣告的數字廣告預算將保持相對穩定,搜索廣告行業明年首季有望復甦。
麥格理指,在中國監管機構的長期監管下,百度的搜索引擎業務或可成為其他網站的索引,從中受惠;同時公司近年加大對雲端及智能駕駛業務的投入,相信至2024年非廣告業務收入的貢獻將提升至40%,給予目標價185元,對應明年預測市盈率約13.5倍。
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