《大行報告》大和降百度(09888.HK)目標價至152元 文心ERNIE步入正軌
大和發表報告,將百度(09888.HK)目標價由165元下調至152元,維持「買入」評級。百度去年第四季業績符合該行預期,其中non-GAAP盈利好過預期、經營開支則低於預期。文心一言在第四季開始帶來2%至3%的增量收入,今年的整體指引平淡,股價的潛在催化劑為宏觀經濟整體復甦及文心一言使用量快速增長。
報告指,文心一言商業化是今年的首要任務,預期生成式AI將為今年收入帶來2%至3%的增長,但更大的提升需要宏觀經濟配合。該行將其今明兩年收入預測下調1%至3%,以反映雲業務增長較低的假設。
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