《大行報告》美銀證券降百度-SW(09888.HK)目標價至153元 宏觀環境疲弱仍帶來風險
美銀發表研究報告指,百度-SW(09888.HK)(BIDU.US)去年第四季核心收入按年增長7%,符合市場預期,當中核心廣告收入按年增長6%,智能雲業務收入按年增長11%,增速均較去年第三季加快。在成本控制措施下,期內百度核心經調整經營溢利按年增長13%至62億元人民幣,好過市場預期的60億元人民幣。
管理層重申對2024年全年展望,估計廣告收入增長將跑贏GDP增幅,雲業務亦將恢復強勁增長,會持續優化成本。計及宏觀經濟疲軟及農曆新年假期較後及較長所帶來的風險,美銀將百度今年首季核心收入按年增長預測從10%下調至6%,並將2024年收入預測從增長11%下調至9%,預計經調整核心經營利潤率將保持穩定。
增長前景調整後,該行將百度H股目標價由165元下調至153元,美股目標價由168美元下調至156美元,重申「買入」評級,看好百度在人工智能領域的領先地位,將今年度人工智能收入貢獻預測維持在50億元人民幣以上,佔全年百度核心收入預測約4%至5%。
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