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《大行報告》瑞銀下調百度(BIDU.US)目標價至175美元 評級「買入」
阿思達克 11-23 10:14
瑞銀發表評級報告指,與第三季相比,百度(BIDU.US)核心廣告在10月及11月初改善,惟近期恢復步伐再次因疫情反覆而被打亂;在廣告垂直領域方面,醫療保健和零售業回復至按年正增長,而旅遊、特許經營和本地服務等仍然表現疲軟。 該行表示,第三季雲收入增長放緩,並預料會延續至第四季,主要是流動性限制以致項目交付或投標延期,從而影響收入確認;鑑於新冠疫情和宏觀不確定性,該行下調公司未來數個季度的核心收入增長預測,但仍然預計核心收入增長將於今年第四季起逐步加速。 該行表示,受惠於持續控制成本的原則下,預料公司核心營運利潤於今年第四季增長,並維持其核心廣告收入預測為按年跌1.9%、按季持平至188億元人民幣不變,惟由於疫情影響雲收入確認,故將其非廣告收入預測下調4%。 該行預計,公司明年上半年收入逐漸復甦,並將其明年核心收入預測下調0.7%,並將公司今年第四季及明年的核心非通用會計準則營運利潤率分別上調2個百分點至21.3%、以及0.6個百分點至20%,以致核心營運利潤分別上升9%及2.2%。 該行將百度美股目標價由180美元下調至175美元,維持其評級為「買入」。
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