《大行報告》大和上調百度(09888.HK)目標價至232元 評級「買入」
大和發報研究報告指,百度-SW(09888.HK)公佈去年度及第四季業績,收入及盈利都超過市場預期,線上營銷收入一如預期增長疲軟,但雲端及其他人工智能業務錄得強勁增長。
管理層目標今年專注發展雲端及其他人工智能與自動駕駛業務。截至去年第四季,百度旗下Apollo累計銷售訂單規模達到80億元人民幣,大和預期一旦車輛交付,未來三至五年將轉化爲收入。另外,百度最近獲得比亞迪(01211.HK)產品訂單,預料將吸引更多汽車製造商與百度合作,將有助於Apollo業務變現。
百度自動駕駛出租車服務Apollo GO目前已在內地3個城市開始商業化營運,大和表示,雖然估計短期內收入規模可能並不顯着,但如果公司實現無人駕駛裏程碑,相信業務規模將迅速擴大,實現到2025年覆蓋65個城市及2030年覆蓋100個城市的目標。至於與吉利集團合資的集度汽車,大和預期由於需要持續投資,預期2022至2024年將維持虧損。
大和指,考慮到宏觀經濟可見性有限,預期移動生態系統業務今年收入增長持平,當中首季或下跌5%。由於人工智能業務強勁增長,大和將2022至2023年收入預測上調1%,同時愛奇藝(IQ.US)虧損收窄,相應將今年每股盈利預估上調5%,重申「買入」評級,百度H股目標價由230元上調至232元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.