《大行報告》摩通上調百度(09888.HK)目標價至140元 評級「中性」
摩根大通發表研究報告指出,百度(09888.HK)有效的成本優化超出市場預期,公司管理層對維持與第一季相比穩定毛利的承諾,可能會推動盈利預測上調。由於管理層專注於廣告和雲業務的毛利管理,以及對移動網絡分部的投資合理化,該行預期公司將提早實現毛利改善,對其2022財年的經調整淨利率上調2個百分點,並將第二季的經調整每股盈利預測上調7%。
該行認爲,百度的核心廣告業務復甦存在不確定性,因宏觀環境仍然疲弱,以及公司對中小企的敞口較高,料第二季核心廣告收入按年跌幅達低十位數。維持對其2022財年收入基本持平的預測,經調整純利預測上調17%,以反映公司的銷售及管理費用下降。另對其2023財年收入及非通用會計準則盈利預測上調2%及6%,以反映公司精簡成本結構及廣告與雲業務盈利能力改善。目標價由120元上調至140元,評級「中性」。
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