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《大行報告》中金:百度-SW(09888.HK)「文心一言」可成發展新引擎 可豐富雲業務矩陣
中金發表研究報告指,受惠於效果類廣告率先回暖,百度-SW(09888.HK)預計今年首季的廣告收入增速轉正,該行料今年百度核心廣告業務全年按年增速或達7.4%,高於該行GDP宏觀增幅預期。展望未來,公司預計將AIGC技術服務於移動生態更多的場景。該行認為,AIGC可以賦能高質量內容產出和交互體驗升級,這有望提升公司閉環用戶的留存率,以及改善商業變現效率,公司廣告收入或因此受益。 該行表示,百度計劃將生成式對話產品「文心一言」與搜索、智能雲、自動駕駛Apollo、小度等業務整合。該行認為,該產品面向C端具有引流特性,有望重塑搜索引擎的流量入口,讓公司形成用戶粘性、用戶時長的先發優勢;同時,該產品B端價值也較為廣闊,認為「文心一言」有望豐富雲業務產品矩陣,提升雲業務的品牌溢價和定價能力。 該行認為,「文心一言」有望為百度帶來發展新引擎,結合百度目前的估值水平與基本盤廣告業務的穩健恢復趨勢,又認為公司股價安全邊際較高。該行維持集中今明兩年的收入及盈利預測,續予「跑贏行業」評級,維持H股目標價167.1元。
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