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《大行報告》中金:百度-SW(09888.HK)文心大模型持續迭代技術 提升工程化能力
中金發表報告指,百度-SW(09888.HK)文心一言從目前測試階段步入大規模開放和行業化,仍有待監管部門的批准,未來若大模型開始大規模應用,公司的搜索和雲計算業務都有望受惠。雖然有更多推理成本的投入,但該行認為全棧自研的架構體系,以及昆侖芯等國產芯片的引入,對於公司而言收益有望大於投入。 報告指,文心一言發布3個月以來,文心大模型持續迭代技術,提升工程化能力,目前大模型的應用處在測試階段,包括與B端企業合作方面目前主要在營銷、客服等場景有較快拓展;同時公司也積極和各垂類賽道龍頭企業深度合作,優先積累行業經驗;C端應用領域,公司計劃百度內部業務均將接入文心一言的能力,例如手機App、百度地圖、小度、百度文庫、百度雲盤等。 中金指,受益於醫療、旅遊、本地服務和生活服務穩定恢復,以及招商加盟行業在4至5月的反彈,預計次百度核心廣告收入按年增速超10%,核心廣告收入全年增速料高於GDP增速。而雲業務收入有望重回雙位數增速區間,並穩定交付盈利。 中金維持對百度「跑贏行業」評級,維持美股和港股分別172.5美元和167.1港元目標價。
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