《大行報告》大和料百度-SW(09888.HK)上季收入按年跌4% 維持「買入」評級
大和發表研究報告指出,預期百度-SW(09888.HK)去年第四季總收入319億元人民幣,按年跌4%,主要由於核心收入按年跌5%。當中,料百度核心業務在線營銷和非營銷收入以入按年各跌10%及升10%,而營銷收入疲弱或拖累公司核心業務非通用會計準則下的經營利潤率至20.7%,該行料百度上季非公認會計準則利48億人民幣。
該行認為,去年12月內地經濟重新開放後,市場對廣告業務投放有所反彈,惟其後受疫情打擊,相信在農曆新年過後需求將迅速恢復。雖然該行預期百度去年第四季至今年首季的收入及盈利將下調,但百度核心的在線營銷收入將實現更強勁的增長,料今年按年升7%,原預期增長5%。惟對公司雲業務收入增長由原預期的32%下調至23%。
此外,大和對百度2023至2024財年收入預測下調2%至4%,盈利下調1%,維持對其「買入」評級,目標價保持195元。
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