《大行報告》瑞信輕微下調百度-SW(09888.HK)目標價至165元 評級「跑贏大市」
瑞信發表研究報告指出,百度-SW(09888.HK)第三季業績略高過預期,核心搜索業務收入按年跌4%至187億元人民幣,基本符合預期。由於疫情阻礙項目部署和新合同的續簽,拖累雲業務收入按年增長放緩至45億元人民幣。核心經調整經營利潤率企26%,超過該行及市場預期的23%,主要由於公司更規範的渠道營銷策略。
該行預期,北京及廣州疫情重燃可能將拖累廣告復甦步伐,料百度第四季核心搜索業務收入按年跌2%,原預期為小幅增長。另將智能雲收入增長由原預期的按年升22%,下調至升15%,至2023財年升至30%。此外,該行將百度2022至2024財年的經調整每股盈利預測下調1%至8%,目標價由166元輕微下調至165元,維持「跑贏大市」。
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