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《大行報告》高盛下調百度-SW(09888.HK)目標價至172元 評級「買入」
高盛發表研究報告指出,百度-SW(09888.HK)第三季收入符合預期,而百度核心收入及愛奇藝(IQ.US)收入超預期,核心每股美國存託股稀釋收益高於該行及市場預期。 該行認爲,百度雖然在多項成本削減措施的推動下,令第三季廣告收入按年下跌,但期內毛利持續改善,預期第四季毛利亦將持續增長。另估計在垂直業務(如電商及醫療保健)增長推動下,第四季廣告收入將按季進一步提升。雖然第三季雲收入按年增長24%,較行業水平高,但由於項目延遲的短期壓力等影響下,估計第四季雲收入增長放緩。 此外,高盛預期百度第四季的核心盈利增長正面,毛利將有所改善,對其H股目標價由180元降至172元,維持「買入」評級。
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