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《大行報告》大和下調百度(09888.HK)目標價至240元 評級「買入」
阿思達克 09-28 10:27
大和發表研究報告指,近日與百度(09888.HK)交流後發現,市場目前或低估該公司智能駕駛業務的價值。 該行指出,管理層分享智能無人車出行服務,及對新能源汽車行業發展及最新法規見解,相信百度的出行業務及人工智能雲正推動非廣告業務增長走上正軌。 百度維持第三季收入按年增長8%至19%的指引不變,大和相信現時疫情影響及監管風險可控,雖然當局對教育、遊戲、房地產等多個行業加強管控,但該行相信百度在廣告垂直領域敞口多元化,亦有助可以降低風險。 百度旗下Apollo業務持續擴張,公司重申只有 Apollo及Waymo定位為L4智能駕駛出租車;至於內地加強對數據保護,管理層解釋百度搜尋業務並不依賴用戶資料信息來提升搜索結果,因此依靠相關廣告獲利將不受影響。 考慮到廣告市場疲弱,大和將百度2021至2023年收入預測下調2%至8%,目標價由280元下調至240元,維持「買入」評級。
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