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《大行報告》麥格理下調百度-SW(09888.HK)目標價至166元 評級維持「跑贏大市」
麥格理發表研究報告,預測百度(09888.HK)(BIDU.US)第三季收入將持續疲軟,料按年跌幅收窄至2%(第二季跌5%),預期至明年整體業務才會見到復甦。 其中線上廣告收入預期將按年下跌7%,對比第二季為下跌10%。麥格理並將第四季廣告收入預測下調為下跌4%(原本增長7%),預期電商在雙十一及雙十二促銷活動上廣告開支取態會變得更保守。 至於人工智能及雲業務方面,該行預期第三季收入維持強勁增長,按年升25%,增幅超越同業阿里雲及騰訊雲數個百分點。 麥格理維持對百度的「跑贏大市」評級,基於業務增長預期下調,將2022至2024年每股盈利預測下調1%、1.1%及1%,目標價由183元降至166元,對應2023年預測市盈率約13.5倍。
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