《大行報告》里昂降百度(BIDU.US)目標價至158美元 料上季增長維持穩定
里昂發表報告,預計百度(BIDU.US)去年第四季將保持穩定增長,核心業務總收入可能按年增長8%至277億元人民幣,利潤率保持穩定。在醫療保健和旅遊業務行業穩健增長的推動下,廣告收入可能按年增長7%,但由於電商平台的廣告支出轉為價格補貼,部分抵銷該增長。在比較基數正常化和Gen-AI的推動下,雲計算收入料將恢復11%的按季增長。
另外,報告指,百度加大成本優化力度,以抵銷更高的大型語言模型(LLM)投資。該行認為是對Gen-AI 的一個測試,它可能在2024年開始對收入做出貢獻。由於芯片供應的不確定性,該行將2024和2025年收入預測下調約1%,並將目標價從170美元下調至158美元。至於每年約40億美元的自由現金流亦可支持股票回購。
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