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《大行報告》中金:百度(09888.HK)AI雲首度實現盈利 新業務利潤釋放進入拐點
中金發表報告指,百度(09888.HK)首季收入超市場預期 3.5%;非通用準則淨利潤超市場預期29%,主要系雲業務首度實現盈利。而文心一言能力持續強化,商業前景可期。 報告指,在文心一言內測的一個月內,該模型共完成4次大的技術升級,推理性能提升近10倍。公司目前將文心一言整合到公司所有業務中進行測試,來重塑公司面向企業和消費者的產品和服務。一站式企業級大模型生產平台「文心千帆」有序啟動客戶內測。截至5月9日參與內測的生態合作夥伴超300家,取得成效的企業內部場景超400個。中金認為,大模型與移動生態、雲、自動駕駛和智能硬件有機結合,有望提升用戶體驗,釋放現有業務的商業化價值;且公司大模型產品具備端到端的工程適配能力,構築競爭壁壘。 中金指,百度首季雲計算首度盈利,新業務利潤釋放進入拐點。展望次季,用戶需求回暖基數效應消除,中金認為雲收入有望重拾增速。由於首季業績超預期,該行分別上調百度全年收入預測和非通用準則淨利潤預測1%和15%至1,387億元人民幣和260億元人民幣,上調明年收入和非通用準則淨利潤1%和11%至1,535億元人民幣和295億元人民幣,維持「跑贏行業」評級,維持美股和港股172.5美元和167.1港元目標價。
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