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大行評級 | 花旗:百度首季表現勝預期 維持買入評級

格隆匯5月17日丨花旗發研報指,百度(9888.HK)首季總收入同比增10%至311億元人民幣,表現優於該行和市場預期,認為這受益於愛奇藝表現跑贏大市,總訂閲會員數增長勢頭強勁,核心收入表現同樣較預期為佳。而受惠於較高的收入及經營效益,集團經調整純利同比增48%至57.3億元人民幣,分別較該行和市場預期高41%和32%。報吿維持其美股“買入”評級,目標價由186美元下調至184美元。

報吿調升2023至2025年百度收入和經調整純利分別0.5%╱12.1%,0.3%╱7.2%和0.2%╱7.8%,以反映首季業績和管理層對第二季的展望。報吿又預期,百度第二季核心收入同比增12%至259億元,經調整經營利潤達54億元,經營利潤率達21%。

報吿又指,百度AI雲業務通過優化低利潤項目實現了經調整營業利潤。百度對醫療保健、旅遊、本地服務和特許經營等垂直行業的廣吿預算等方面的復甦信心進一步加強,管理層預期,廣吿預算將偏向分配予具成效的廣吿,而百度將利用“文心一言”結合到搜索程序中,從而從這趨勢中受益。

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