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《大行報告》美銀證券上調百度-SW(09888.HK)目標價至230元 評級「買入」
美銀證券發表研究報告指,百度-SW(09888.HK)宣布計劃於下月完成AI聊天機械人ERNIE的內部測試,並在其搜索應用程序中向公眾開放。儘管公開信息有限,但該行預計,ERNIE會表現出與ChatGPT相似的特徵,即能夠以多媒體格式和跨學科創建綜合結果的通用生成AI;自然語言處理、計算機視覺、機器學習、知識圖譜等多種AI能力的結合與融合;大型語言模型,通常包括用海量數據預訓練的大量參數和強化機制,可以使算法結果更符合設計者的最佳策略,例如內容符合當地法規。集團的數據和多媒體內容應該使其比搜索同行或專注於單一媒體格式的線上同業更具優勢。另一方面,程式目前仍然無法解決數據可用性問題,而且現階段聊天機械人的運行成本很高。 該行將集團去年第四季的銷售額按年下調至-4%,今年首季則為1%,以反映因疫情而被中斷的重新開放,降去年第四季的淨利潤預測至35億元人民幣。保守計算,2023/24年的成本增加,每股收益將適度降低。目標價由220元上調至230元,維持「買入」評級。
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