《大行報告》高盛微降百度(09888.HK)目標價至170元 料上季經營溢利增長11%
高盛發表報告指出,百度(09888.HK)將於3月公布去年第四季業績,預期季績步入正軌。雖然人工智能(AI)相關投資擴大,但在廣告和雲業務支持下,加上毛利率維持穩健,料第四季邊際收益將較第三季有所加速。AI貢獻將成為關鍵因素,預期去年第四季至少2億至3億元人民幣的廣告收入來自AI業務;雲業務貢獻為低至中單位數。
該行料百度去年第四季核心銷售按年增長8%,經營溢利升11%;廣告收入復甦,按年增長7%,相對於第三季升5%;AI雲業務收入升11%,相對於第三季跌2%;非通用會計準則(non-GAAP)核心經營溢利率22%,與2022年第四季的21.4%大致穩定。
該行重申對百度的「買入」評級,股價經過近期的調整後,現價相當於2024年預測市盈率9倍。此外,由於愛奇藝(IQ.US)盈利貢獻較低,將2023至2025年淨利潤預測下調1%,港股目標價由171元下調至170元,百度美股(BIDU.US)目標價由174美元降至173美元。
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