《大行》招銀國際:百度(BIDU.US)核心業務轉型或帶來短期盈利壓力 維持「買入」評級
招銀國際發表研究報告,預測百度(09888.HK)(BIDU.US)第二季核心業務收入預計達261億元人民幣,按年下跌2%,主因是集團積極推進業務轉型,在搜索結果中引入更多生成式AI內容以提升用戶體驗。該行預測次季雲業務收入將按年增長26%,有助部分抵銷相關影響。
招銀國際目前預測百度次季核心非通用會計準則下淨利潤將達到40億元人民幣,認為集團短期內仍以改善用戶體驗為首要任務,而非變現,廣告收入按年跌幅預料至第四季起收窄,主要受惠於變現進程加速及2024年同期的低基數效應。
招銀國際將百度(BIDU.US)目標價從144.6美元下調至130.3美元,以反映核心業務轉型所帶來的短期盈利壓力,維持「買入」評級,認為其新業務發展穩健,近期與Uber合作展示出Robotaxi業務發展取得實質進展。
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