《大行報告》德銀上調百度(09888.HK)目標價至162元 評級「持有」
德銀發表報告指,百度(09888.HK)(BIDU.US)第二季收入按年下跌5%,大致符合預期,反映公司從疫情影響中正逐步復甦。期內百度調整後經營利潤率達18.5%,較市場預期高7個百分點,相信是由於內容及營銷成本控制措施見效。
展望下半年,該行預期線上廣告行業的恢復將取決於宏觀經濟及疫情發展,不確定性仍然存在;然而在項目恢復、智能交通及智能工業需求彈性的推動下,德銀對雲端業務發展加速更有信心。
德銀維持此前對百度核心收入在第三季恢復正增長的預期,同時預計公司將維持其嚴格的成本控制,基本維持2022至2023年收入預測,並將2022至2023年經調整後純利預測各上調24%及3%,該行將百度目標價由155元上調至162元,維持「持有」評級。
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