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《大行報告》海通國際:市場對消息反應過度 惟百度(BIDU.US)仍乏基本面催化劑
海通國際發表研究報告指,百度(09888.HK)(BIDU.US)H股股價昨日(15日)下跌超過10%,美股前一日亦下跌7%,主要是由於有報道引述消息指百度文心大模型涉及軍事用途,增加投資者對美國制裁的擔憂。 惟該行指出,事實上市場為錯誤解讀,因為報道提及的研究論文只是以百度的文心大模型及科大訊飛的星火大模型為例子,而實際上所有擁有大型語言模型(LLM)的公司都可以提供類似服務。 報告又指,百度已就事件作出回應,否認涉足軍事領域,因此認為市場對消息屬反應過度,指出百度美股股價現時為2024財年預測市盈率的約10倍,低於歷史水平。不過由於去年第四季宏觀經濟復甦乏力,可能會拖累百度核心廣告業務的增長,海通認為百度在財報發布前仍缺乏基本面催化劑來支撐股價反彈,因此建議投資者繼續觀望,並等待宏觀經濟復甦或人工智能技術新進展。
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