《大行報告》高盛微降百度-SW(09888.HK)目標價至182元 料首季收入穩定復甦
高盛發表報告,認為市場近期焦點將繼續圍繞百度-SW(09888.HK)「文心一言」在消費者和企業方面的技術和變現進展,以及隨後於內地搜索廣告和雲計算領域的市場份額動態的變化。
展望今年,該行認為,在更好的宏觀背景下,百度的收入和利潤將加速增長,有利於第二季起廣告和雲計算業務,而屆時「文心一言」的變現和流量生成發展亦會更清晰,預計今明兩年銷售和核心經營溢利增長為13%。「文心一言」的進展和變更步伐,以及廣告恢復是值得關注的關鍵催化劑。予評級「買入」,目標價由183元輕微降至182元。
該行料百度首季收入穩定復甦,百度首季廣告收入料按年恢復正增長3%,料次季增長加速11%。首季人工智能雲收入料按年增長7%。非美國通用會計準則核心經營利潤率料達19.4%,第二季核心經營利潤率料為21%,按年下降1個百分點,主要來自「文心一言」增量成本入賬。全年核心經營利潤率料為21.3%。
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