《大行報告》摩通下調百度-SW(09888.HK)目標價至165元 評級「增持」
摩根大通發表報告,下調對百度-SW(09888.HK)第三季核心廣告和雲計算收入預測,以反映行業的需求復甦比預期更溫和。不過,認為由於成本改善措施、雲計算和愛奇藝(IQ.US)的利潤率管理,料其利潤率方面可能有上升空間。H股目標價由195港元降至165港元,評級「增持」。
報告指出,由於客戶廣告支出變得更審慎,將百度第三季核心廣告收入預測由按年持平下調至按年下跌5%,預計百度的主要廣告客戶類別如旅遊將繼續低迷,受累疫情零星反彈影響。不過,該行相信其核心廣告增長在第四季可以恢復到按年持平至低單位數增長。
該行對百度今年收入和經調整淨利潤預測分別下調3%和3%,主要是由於疫情和宏觀經濟壓力影響。由於成本優化,預計下半年的利潤率將略有改善。
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