《大行報告》海通國際降百度(BIDU.US)目標價至121美元 料文心一言今年將發揮作用
海通國際發表報告指,百度(BIDU.US)(09888.HK)管理層披露文心一言於去年第三季分別貢獻核心廣告收益及雲服務收益3%。
該行預期文心一言將在今年建立清晰業務模型,並推出實現變現。就廣告而言,百度正使用大語言模型轉化廣告系統,料在今年產生數十億元人民幣收益。雲業務方面,目前大部分大語言模型相關收入來自公眾雲,未來將有更多企業使用千帆訓練及建立其大語言模型,變現空間將進一步擴大。
該行料百度去年第四季非通用會計準則經營溢利60億元人民幣,經營溢利率按年升0.8個百分點至22%。對於今年,管理層料晶片貶值開支增加,但會從其他業務減少經營開支,目標全年非通用會計準則經營溢利率按年持平,該行則料按年跌0.7個百分點至23.2%。
該行將百度美國預託證券目標價由129美元降至121美元,相等今年預測每股非通用會計準則核心經營溢利12倍,維持「優於大市」評級。
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