《大行報告》交銀國際料百度(BIDU.US)第三季核心收入按年增5% 經調整營運利潤59億人民幣
交銀國際發表報告,預計百度(BIDU.US)核心業務第三季受壓,第四季將恢復增勢。該行預料第四季百度核心收入增長11%,經調整營運利潤60億元人民幣,對應利潤率21%。
交銀國際預計,百度第三季核心收入按年增5%至264億元人民幣,此前預期為增12%,下調預期主要受電商廣告淡季及智能交通項目需求偏軟影響。經調整後營運利潤59億元人民幣,對應利潤率22%,下調約3個百分點,主因廣告收入增速放緩及AI相關研發費用增加。預計百度第三季度收入343億元人民幣,按年增5%,經調整淨利潤按年降5%至56億元人民幣。
該行將百度(BIDU.US)目標價由170美元降至166美元,對百度-SW(09888.HK)目標價由165港元降161港元。在文心4.0及產品能力不斷提升下,預計百度核心業務仍有良好長期增長前景。現價對應2024年僅10倍市盈率,維持「買入」。
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