《大行報告》匯豐研究下調百度-SW(09888.HK)目標價至156元 反映匯率預測更新
匯豐研究發表報告指,百度-SW(09888.HK)的廣告及雲業務表現,受宏觀經濟及其他因素拖累,將2023至2025年收入預測下調2%至6%。廣告業務除受經濟環境影響,搜尋器結合人工智能應用需時實行,可能拖累短期收入;雲業務方面,雖然個人及企業需求增加,但政府相關開支減少,將會拖低收入表現,不過收入組合比重調整,對利潤率構成緩衝,同期的盈利預測僅下調2至3%。
報告指,百度世界大會2023公布貨幣化的渠道,包括優化搜尋器、提供更多新功能、文心一言升級等,但需要時間才能全面實現成效。至於美國限制晶片對華出口,相信百度擁有足夠庫存應對目前需求,公司亦會尋求更多選擇,例如旗下AI晶片昆侖3明年量產,長遠而言,美國的限制措施影響有限。
因應該行調整匯率預測,百度H股目標價由163.8元下調至156元,維持「買入」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.