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《大行》交銀國際:百度(09888.HK)AI變現探索拖累廣告收入 評級「買入」目標價96元
交銀國際發表研究報告指,百度-SW(09888.HK)(BIDU.US)AI變現探索拖累廣告收入,料其今年的百度核心收入基本持平,營運利潤按年下降29%,另外其廣告收入仍有壓力,將持續關注商業化進展。該行指出,百度的雲端業務受惠於AI和大模型需求拉動,預計全年收入按年增25%。而利潤端受廣告影響同步承壓,自動駕駛UE持續改善,並與Uber(UBER.US)達成合作計劃,部署數千輛蘿蔔快跑無人駕駛。 該行維持百度美股及H股目標價分別99美元及96港元。由於廣告收入不確定性較大,AI變現探索仍是整個產業的核心目標。該行關注公司的雲端收入增長持續性及Robotaxi全球化推廣進程,維持「買入」評級。
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