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《大行報告》建銀國際降百度-SW(09888.HK)目標價至141.99元 近期調整後估值吸引
建銀國際發表報告指出,內地消費者信心復甦慢於預期,導致企業在廣告開支上更為審慎,因此該行對百度-SW(09888.HK)去年第四季廣告表現看法更趨保守,下調其廣告收入預測,但由於更好的成本控制而對其毛利預測作出上調。該行預計百度核心收入將按年增長7%至274億元人民幣,非通用會計準則(Non-GAAP)經營利潤率料約21.5%。 該行認為,雖然百度短期內的增長勢頭可能受宏觀環境疲弱而有所停滯,但該行仍相信公司長期表現正面,因百度是內地人工智能(AI)公司的龍頭,具有先發優勢、技術成熟度和領先的AI基礎設施。百度最近被拋售後,現價相當於預測2024年市盈率約9.8倍,相對於今年收入及non GAAP經營溢利預測均增長約10%而言,估值吸引。 此外,該行估計百度去年第四季收入按年增長5%至349億元人民幣,non GAAP淨利潤增長16%至62億元人民幣,兩者皆較市場預期低2%。該行維持對百度的「跑贏大市」評級,對其H股目標價由150.45港元下調至141.99港元,對百度(BIDU.US)目標價由154.7美元降至146美元。
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