《大行報告》花旗上調百度(BIDU.US)目標價至176美元 評級「買入」
花旗發表研究報告指,去年第四季防疫政策雖然大幅鬆綁,但預期百度(09888.HK)(BIDU.US)的線上廣告及雲端服務都仍受到疫情及經濟活動放緩的影響,預測第四季整體淨收入將按年跌6.5%至309億元人民幣,非通用會計準則下每股ADS盈利料達到13.46元人民幣,百度核心業務收入料跌10%至234億元人民幣,當中廣告收入料跌9%至173億元人民幣。
踏入2023年,該行預計商業活動及廣告市場情緒將在農曆新年過後逐漸恢復,憧憬若3月份復甦速度較預期快,相信百度今年首季廣告收入存在上行空間。至於今年首季,花旗預測收入將按年增長2%至290億元人民幣,非通用會計準則下每股ADS盈利料達9.17元人民幣,核心收入將增長1%至215億元人民幣。
該行認為,百度可受惠於中國中小企的廣告預算復甦趨勢,同時亦受惠於旅遊、本地服務、特許經營、醫療保健和其他垂直行業需求反彈,長期看好雲端及自動駕駛業務的前景,維持「買入」評級,美股目標價由166美元上調至176美元。
花旗並將百度2022至2024年總收入預測下調2.3%、2.3%及1.6%,非通用會計準則下淨利潤預測下調2.7%、4.9%及6.2%。
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