《大行報告》大和下調百度(09888.HK)目標價至183元 料次季業績符市場預期
大和發表報告,預計百度-SW(09888.HK)第二季至第三季線上營銷業務收入恢復情況將略微好過預期。同時,由於地方政府預算緊張,智能交通解決方案增長滯後可能會影響雲計算業務的短期復甦。
該行預計百度次季業績符市場預期,估計百度次季核心收入按年增長12%,至260億元人民幣,料非公認會計準則純利為60.45億元人民幣,按年增長9.1%,營業利潤率為23.4%,按年增長130個基點。
考慮到大語言模型「文心一言」額外成本,大和將百度今年盈利預測下調6%,但認為「文心一言」帶來的積極發展,如獲批商業化和推動用戶流量增加,將成為股價催化劑。該行將百度目標價由186元降至183港元,評級「買入」。
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