《大行報告》星展:百度-SW(09888.HK)推文心大模型4.0支持雲及廣告業務長線增長 重申「買入」評級
星展發表報告,百度-SW(09888.HK)第三季收入按年升6%,核心線上營銷收入按年升5%,Non-GAAP純利按年升23%,符合預期;該行預料,在年底購物節下,第四季廣告業務或重拾增長勢頭,又指,百度推文心大模型4.0支持雲及廣告業務長線增長。
該行預料,其雲收入在2022年至25年複合年均增長率達17%,受到全國智慧交通升級和智慧雲端服務需求增長的推動。該行亦預料,繼去年下跌6%後,百度今年核心廣告收入料按年轉正升約11%,受惠線下垂直業務的廣告需求復甦。
星展維持其H股目標價為186元及其評級為「買入」。
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