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《大行報告》麥格理上調百度-SW(09888.HK)目標價至170元 評級「跑贏大市」
麥格理發表報告指,百度-SW(09888.HK)的生成人工智能將成為其多階段增長的方向。該行認為,文心一言(Ernie Bot)首次發布的明確定義和有限範圍,應該會降低如Google Bard首次亮相時發生意外錯誤的可能性。此外,百度強大的人工智能能力是受惠於其多年來投入的大量資源。該行預計,在文心一言推出後的幾個月內,新的商業和貨幣化戰略將成為百度股價表現的關鍵催化劑,相信文心一言與百度搜索的整合或會扭轉其廣告市場份額的流失,並增加搜索以外的新盈利機會。 該行預期,百度的核心廣告收入在去年下跌6%後,將在今年回復至增長10%,主要增長動力將是基礎廣泛的廣告支出復甦、增加電子商務廣告貢獻和可自由支配的廣告支出應在今年下半年恢復。旅遊和醫療保健廣告增長勢頭亦有所回升,料電子商務廣告應與百度平台促進的GMV將同步增長。該行又預計集團的AI Cloud收入今年將按年增長19%,並在明年增長27%,達到營運收支平衡。 該行上調百度2024年的每股盈測1%,目標價升至170元,維持「跑贏大市」評級。
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