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《大行報告》大華繼顯降百度(09888.HK)目標價至135元 料上季收入按年升7%
大華繼顯發表研究報告指,百度(09888.HK)(BIDU.US)將於3月中旬發布去年第四季業績,預測季度核心廣告業務收入將按年增長6.8%,對比前季增長5.2%加快,主要來自於人工智能(AI)應用帶來的廣告及AI雲收入增長。管理層預計,百度第四季度與AI相關的廣告收入將達到數億元人民幣,而AI雲的收入貢獻為低至中單位數百分比。 百度預計今年生成式AI季度收入將超過10億人民幣。該行預期,去年第四季百度AI雲收入將按年增長10%,在差異化的雲端產品組合推動下,業務料加速發展,但由於政府預算具不確定性,因此預測2024年AI雲端業務收入按年增幅將放緩至11%。 計及對文心一言的大量投資,大華繼顯預測百度第四季經營利潤率將按年下降4個百分點至20.6%,核心經營利潤率料下降1.6個百分點至23.5%,但仍相信百度可保持強勁盈利能力,維持「買入」評級,目標價由166元降至135元。
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