《大行報告》麥格理降百度-SW(09888.HK)目標價至134元 AI邁向堅固軌道
麥格理表示,百度-SW(09888.HK)上季收入按年升6%,核心廣告收入增6%至192億人民幣。經調整經營利潤率20.2%,按年提升60點子。淨利潤78億人民幣,分別高於該行及市場預期18%和22%,淨利潤率達22.2%。AI Cloud穩健復甦,收入加快增長至6%,其中4.8%收入貢獻來自生成AI及採用大語言模型(LLM)。整體而言,管理層對生成AI及LLM發展持樂觀態度。
麥格理預期,百度今年核心廣告收入按年增5%,經調整經營利潤率按年提高90點子至21.7%。今年淨利潤預測下調8%,反映收入組合影響和更積極推動AI。目標價下調5%至134港元,百度(BIDU.US)目標價下調7%至139美元,評級「跑贏大市」。
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