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《大行報告》中信証券料百度(09888.HK)第三季收入升5% 非通用會計準則淨利潤61億人民幣
中信証券發表報告,預料百度(09888.HK)第三季度業績短期承壓,受宏觀經濟弱復甦以及消費相對較弱等影響,預計公司在線廣告業務按年增長 3%,智能雲受ACE智能交通的拖累,整體按年下降 1%,但行業雲仍有望實現正增長,核心業務利潤率有望繼續保持穩健。整體而言,預計公司第三季收入按年增5%至341億元人民幣,非通用會計準則淨利潤61億元人民幣。 報告指,AI領域,百度世界大會發布文心4.0版本,多款應用進行AI升級。後續來看,受四季度電商消費旺季以及低基數的影響,後續廣告業務增長有望加速。雲業務隨著ACE智能交通在年底的集中交付,亦有望恢復增長。 該行認為,公司短期業務的承壓並未改變公司中長期的增長前景。隨著公司AI模型能力的提升、應用場景的拓展以及商業化的推進,公司廣告業務、雲計算業務有望持續受益。考慮到公司當前的商業化進度與覆蘇進程,小幅調整公司盈利預測,預計公司今年至後年公司收入為1,355/1,465/1,572億元人民幣,原預測 1,365/1,477/1,584億元人民幣,Non-GAAP淨利潤為 265/276/298億元人民幣,原預測276/278/300億元人民幣。維持港股目標價162元、美股目標價165美元,評級「買入」。
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