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《大行》瑞銀降百度(BIDU.US)目標價至103美元 降收入和盈利預測
阿思達克 08-21 10:16
瑞銀發表報告指,百度(BIDU.US)核心廣告業務持續面臨逆風。百度第二季度收入符合預期,按年下降4%,並因營運效率提高而實現盈利超出預期。核心廣告收入在第二季按年下降15%,因為百度加速了搜索業務的AI轉型。該行預計核心廣告收入短期內將面臨更大壓力,料第三季下降22%,第四季將逐季改善。目標價由105美元下調至103美元,以反映盈利預期減弱,維持「買入」評級。 在無人駕駛計程車Robotaxi方面,Apollo Go在第二季提供220萬次無人駕駛服務,按年增長148%,截至8月累計服務超過1,400萬次。目前已部署超過1,000輛車隊,與Uber(亞洲/中東)和Lyft(歐洲)的戰略合作將支持進一步的海外擴張。該行預計規模擴張將加速實現平均單位經濟效益(UE)收支平衡的時間。 該行指,考慮到第三季和第四季核心廣告增長低於預期,部分被雲業務的健康勢頭抵消,因此將百度2025年核心收入預估下調1%。由於營運槓桿下降和不利收入結構變化,將第三季度核心non-GAAP營運利潤率下調5.8個百分點至8.5%,全年預測下調1.8個百分點至13.9%。
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