《大行報告》中金:百度-SW(09888.HK)對大模型或加大投入 對利潤率影響在本季起顯現
中金發表報告指,隨著首季線下活動恢復,預計百度-SW(09888.HK)今年首季總體收入按年增長5.1%至298.6億元人民幣;其中,百度核心收入按年增長3.1%至220.4億元人民幣,低於市場一致預期2.7%,主要因為雲計算業務收入不達預期。同時預計首季非通用準則淨利潤為42.9億元,其中百度核心非通用準則淨利潤為34.5億元。
報告指,百度於3月陸續發布知識增強大語言模型「文心一言」和企業級大模型服務平台「文心千帆」,獲得了C端用戶和企業客戶的認可。雖然短期內大模型對於公司收入貢獻較小,但公司看好大模型潛在的商業機遇,包括對公司品牌效應的提升,以及未來潛在的與搜索引擎結合、對雲計算的拉動等。公司預計或將在文心大模型上進行一定投入,由此對於整體利潤率的影響會在次季開始顯現。
中金基本維持對百度H股的盈利預測、評級,維持H股目標價167.1港元,評級「跑贏行業」。
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