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《大行》花旗升百度(BIDU.US)目標價至143美元 雲業務收入加速增長
阿思達克 08-21 11:05
花旗發表報告指,百度-SW(09888.HK)(BIDU.US)2025年第二季度雲業務收入按年增幅放緩至27%(相較2025年第一季度的42%),核心廣告收入跌幅擴大至按年降15%(相較第一季度降6%),反映AI轉型對收入結構與利潤率的影響擴大。截至6月底,超過50%的移動搜索結果包含AI生成內容,較4月底的約35%佔比有所提升。 展望2025年下半年,隨著7月AI生成內容比例進一步升至64%,該行預測百度第三季度核心廣告收入按年降23%,第四季度收窄至按年降15%。同時,雲業務收入增長預計在第三季度及第四季度進一步放緩至20%及17%,反映項目為基礎收入波動,而經常性AI基礎設施收入及個人雲收入將維持穩定增長。全自動駕駛出租車(Robotaxi)服務量按年增長148%至220萬次,較上一季度的140萬次加速增長,顯示用戶需求及服務覆蓋範圍持續擴大。基於調整後的預測,該行將百度美股目標價由140美元上調整至143美元。鑑於雲業務的積極發展及Robotaxi的增長動能,維持百度「買入」評級。
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