《大行報告》瑞銀下調百度-SW(09888.HK)目標價至177元 評級「買入」
瑞銀發表研究報告指,經過近日股價調整後,百度-SW(09888.HK)風險回報有所改善,相信其今年首季廣告業務復甦趨勢符合預期,同時商業市場信心持續改善,醫療保健、旅遊、本地服務等垂直領域出現更快速的反彈,因此維持百度核心廣告收入首季按年增長2%的預測,料自第二季起增長開始加快,全年增長料達9%。
但該行指,疫情期間項目延遲、收入確認滯後,以及新項目簽約恢復緩慢,百度雲端業務收入可能仍受影響,因此將首季及第二季收入增長預測下調至8%及10%,繼續相信百度雲未來一至兩年內可以繼續跑贏同行,並實現盈利。
雖然競爭加劇,但瑞銀仍然看好百度文心一言的長期發展潛力,不過考慮潛在投入增加,將百度第二季核心非公認會計準則下經營利潤率預測從22.4%下調至20.2%,相信其仍然全年可實現約20%水平。
該行又將百度首季及全年核心收入預測下調分別1.3%及2%,以反映雲業務增長疲軟,維持首季核心非公認會計準則下經營利潤率18.3%不變,H股目標價從182元降至177元,維持「買入」評級。
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