《大行》花旗:AI搜尋轉型對百度(09888.HK)廣告營收負面影響較預期大
花旗發表報告指,人工智能搜尋轉型對百度(09888.HK)(BIDU.US)廣告營收的負面影響大於預期,下調百度第二季、第三季及全年核心廣告收入預測分別6.1%、8.9%及5.4%,預計廣告收入將按年下降15.5%、18%及12.8%。由於高利潤的廣告收入受到較大負面影響,第二季、第三季及全年的核心營運利潤預測分別下調21%、24%及15%。然而,該行維持百度第二季人工智能雲端收入按年增長25%的預測,反映雲端需求保持穩健。
進入下半年,儘管廣告營業額可能仍受人工智能轉型影響及廣告市場情緒低迷的壓力,但文心一言4.5開源、自研視頻生成模型MuseSteamer的最新版本及Robotaxi的推出進度,結合估值偏低,或為股價提供支持。花旗維持百度「買入」評級,美股目標價由138美元升至140美元。
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