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《大行報告》瑞銀下調百度-SW(09888.HK)目標價至176元 評級「買入」
瑞銀發表研究報告,下調百度-SW(09888.HK)短期收入預測,以反映宏觀經濟改善步伐慢於預期以及各地疫情反彈,指出雖然6月至8月初廣告需求按月有所改善,但8月下旬起全國疫情再度打亂復甦,料影響百度9月份廣告及雲端業務收入。 該行指,由於國慶假期消費數據疲弱,降百度第三至第四季核心收入預測分別3.1%及3.9%,至按年倒退分別5%及2%;下半年雲業務收入增幅預測由40%至45%,下調至25%至30%,預期下半年成本控制將抵銷疲軟的收入,令下半年核心經營溢利率保持大致按年持平。 瑞銀認為,以目前股價計,投資者未有計及百度雲端及汽車新業務的任何價值,認為相關新業務具有長期發展潛力,預期未來幾個季度雲業務虧損率將繼續收窄,在智能交通等垂直行業下半年有望實現正經營溢利率,同時憧憬集度汽車明年量產首款車型,可能會帶來增量收入,H股目標價由191.3元下調至176元,維持「買入」評級。
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