《大行報告》瑞信下調百度(09888.HK)目標價至171元 料次季核心收入按年升12%
瑞信發表研究報告指出,預期百度(09888.HK)第二季核心收入按年增長12%至260億元人民幣,經調整核心盈利達57億元人民幣,意味著核心利潤率22%,按年持平。當中,估計公司核心搜索業務按年增長12%至191億元人民幣,符合市場預期;雲業務按年增長8%。
該行認為,百度6月份廣告復甦勢頭較4月及5月放緩,部分由於高基數關係,而下半年廣告市場增長或因宏觀環境疲弱而受壓;內地生成式人工智能監管目前審批時間尚不明確,有關審批會決定文心一言貨幣化速度;AI晶片禁令方面,公司應能確保足夠的A800晶片,並準備大規模生產自研晶片,以確保不會出現晶片短缺情況。
此外,該行對百度今明兩年的經調整每股盈利預測下調3.5%及2%,以反映宏觀環境不確定性下廣告復甦放緩。對公司目標價由174元下調至171元,認為公司如能擴大ToB/ToC產品規模(可能於明年開始),其人工智能計劃的長期價值將得到釋放,維持對公司「跑贏大市」評級。
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