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《大行報告》建銀國際降百度-SW(09888.HK)目標價至139.36元 進軍AI
建銀國際發表報告指,百度-SW(09888.HK)去年第四季收入符合預期,經營利潤率略高於預期,在宏觀經濟不確定下,預期今年首季廣告收入增長放緩至5%,雲收入在高基數下增長9%。雖然持續為AI投資,但文心一言模型成本趨緩,以及成本效益改善,將會支持利潤率保持穩定,預期全年核心廣告及雲收入分別增長6%及13%,non-GAAP經營利潤率穩定於約23.8%。 該行降百度今明兩年收入預測各2%,以反映宏觀經濟表現,盈測維持不變,維持其「跑贏大市」評級,H股目標價由141.99元下調至139.36元。
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