《大行》百度(09888.HK)投資評級及目標價(表)
百度-SW(09888.HK)將於下周三(20日)公布今年第二季度業績,受搜尋業務人工智能轉型降低廣告收入影響,券商料公司核心市場營銷收入按年跌逾15%及營運溢利率承壓,本網綜合10間券商預測,百度2025年第二季非公認會計準則淨利潤料介乎37.28億至52.27億元人民幣,對比去年同期73.96億元人民幣,按年下跌29.3%至49.6%,中位數45.68億元人民幣,按年下跌38.2%。
里昂指隨著百度旗下AI搜索滲透率從4月的35%跳升至6月超過50%,但變現能力有限,百度核心的市場營銷收入承壓,料雲業務有望在強勁AI需求帶動下保持26%按年增長,但不足以抵消廣告下滑影響,該行料隨著AI搜索覆蓋率在第三季度可能進一步提升至70%且變現有限,廣告收入的下降趨勢將持續,估第三季核心收入按年跌約6%,估計在AI搜索轉型接近完成並且AI查詢的變現能力改善,收入下滑可能要到第四季度才會開始緩解。市場關注百度搜尋轉型及人工智能變現化貢獻預期、廣告開支、企業及政府雲需求、外界對文心一言4.5開源模型及視頻生成模型MuseSteamer的反應、自動駕駛及自動駕駛的士收入貢獻等。
下表列出9間券商對百度(09888.HK)投評級及目標價:
券商│投資評級│目標價
富瑞│買入│107元
華泰證券│買入│99.5元
美銀證券│買入│98元
交銀國際│買入│96元
建銀國際│跑贏大市│94.62元
高盛│買入│91元
摩根大通│中性│85元
星展│持有│84元
匯豐環球研究│持有│74.1元
下表列出19間券商對百度(BIDU.US)評級及目標價:
券商│投資評級│目標價
花旗│買入│140美元
招銀國際│買入│130.3美元
富瑞│買入│110美元
里昂│跑贏大市│105美元
瑞銀│買入│105美元
海通國際│優於大市│103美元
華泰證券│買入│102.2美元
美銀證券│買入│100美元
摩根士丹利│與大市同步│100美元
交銀國際│買入│99美元
建銀國際│跑贏大市│97.3美元
大和│跑贏大市│95美元
高盛│買入│93美元
野村│中性│93美元
摩根大通│中性│85美元
星展│持有│85美元
華興資本│持有│83美元
巴克萊│與大市同步│81美元
匯豐環球研究│持有│76美元
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