《大行》野村:崑崙芯利好消息推動百度(09888.HK)股價上揚
野村發表研究報告指,百度(09888.HK)(BIDU.US)股價過去一個月累計上升50%,跑贏同期恆生科技指數的13%升幅,主要受旗下芯片設計子公司崑崙芯的利好消息推動。崑崙芯上月宣布獲得中國移動(00941.HK)AI項目價值超過10億元人民幣的芯片訂單。
野村指,崑崙芯於2011年成立,最初為支持百度搜索業務而設,2018年開始自主研發芯片,2020年推出第一代芯片,2021年分拆後進行多輪融資,目前由百度持股約69%,目前除繼續支持百度雲服務外,亦已逐步拓展獨立客戶,相信可持續受惠於國內大型語言模型推理需求增長。
然而,野村亦指出,百度廣告業務仍未見好轉,與美國同業谷歌(GOOGL.US)相比,百度在傳統搜索市場的地位早在AI搜索崛起前,已因中美移動互聯網生態差異而顯著削弱,目前維持「中性」評級,美股目標價由91美元上調至135美元,認為行業中阿里(09988.HK)(BABA.US)或是更具吸引力的投資選擇。
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