《大行報告》野村下調百度(BIDU.US)目標價至110美元 評級「中性」
野村發表研究報告指,百度(09888.HK)(BIDU.US)第三季核心收入可能按年持平,低於市場預測的增長3%,主要由於疫情零星爆發影響廣告市場表現。
盈利方面,野村預測百度核心非通用會計準則下經營溢利將按年跌4%至56億元人民幣,與市場預測一致,經營溢利率料收窄1個百分點至23%,令綜合非通用會計準則下淨利潤可能達到55億元人民幣,按年增長8%,與市場預測一致。
該行預測,百度核心廣告收入第三季可能按年下降7%,跌幅較第二季的按年跌10%有改善,但仍遜於市場預期;雲業務則預測第三季收入增長22%,亦較第二季按年升31%有所收窄。
野村估計百度第四季業務增長可能略有回升,主要由於消費者情緒逐步復甦,但相信仍會受制於疫情發展及當局防疫政策,百度第四季核心廣告收入按年跌幅料收窄至1%,推動季度核心業務收入按年增長4%。
野村相應將百度2022至2023財年核心收入預測分別下調3%,預期今年全年核心廣告及雲業務將按年分別下跌6%及升26%,維持「中性」評級,美股目標價從139美元下調至110美元。
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