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《大行報告》瑞信下調百度-SW(09888.HK)目標價至181元 評級「跑贏大市」
瑞信發表研究報告指出,預期百度-SW(09888.HK)核心收入按年增長3%至210億元人民幣,與市場預期一致。其廣告業務基於季節性因素表現疲弱,加上宏觀環境較弱,公司核心搜索業務首季料按年跌9%,惟被非廣告收入料按年增長48%所抵銷。該行估計百度首季核心經調整營業利潤率下調8.8個百分點,至9.9%。 該行認為,於廣告平台中,百度更容易受到新冠疫情的影響,主要由於其在中小企業廣告商及線下垂直行業(如醫保、旅遊及特許經營等)的集中度較高,故該行預期百度次季的核心搜索業務將進一步按年跌10%。此外,其非廣告業務雲收入去年按年增長66%,惟該行料「封城」將影響其線下項目交付,拖累第二季增長放緩至37%。 瑞信指出,雖然百度估值不高,但在疫情復燃的情況下公司短期能見度較低,可能令股價受壓。對其2022至2023財年的盈利預測分別下調10%及6%,以反映較弱的廣告業務前景。H股目標價由189元下調至181元,維持「跑贏大市」評級。
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