《大行》高盛降百度(09888.HK)收及及淨利預測 目標價降至91元
高盛發表研究報告指,百度(09888.HK)(BIDU.US)正對其搜索業務進行更深層次變革,考慮到廣告增長疲弱及AI搜索變現能力目前仍然有限,將2025至2027年收入預測下調3%、4%、3%,淨利潤預測下調14%、8%、6%。
由於收入增長預料放緩,該行預測百度未來兩個季度利潤率都將受壓,預料經營利潤按年跌幅將擴大,不過受惠於強勁AI需求及訂閱模式,雲業務表現料保持穩健。百度Apollo自動駕駛網約車正快速擴張全球車隊規模,高盛相信隨規模進一步擴大及開始實現盈利,市場將重新評估該業務的價值,將百度(09888.HK)目標價從94元下調至91元,百度(BIDU.US)目標價亦從96美元降至93美元,維持「買入」評級。
高盛目前預測次季百度雲業務收入將按年升25%,與同業阿里(09988.HK)(BABA.US)及騰訊(00700.HK)表現相若,經常性訂閱收入料保持強勁,並關注新CFO上任後會否加大股份回購及提高股息。
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