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《大行報告》大和微升百度(09888.HK)目標價至153元 評級「買入」
大和發表研究報告指,百度(09888.HK)聊天機械人文心一言(ERNIE)的每日API可能超過5,000萬,其中大部分屬於集團內部開發,但外界應用亦正在迅速增長。來自外部客戶的人工智能產品的直接收入佔2023年第四季雲端收入的4.8%。管理層預計人工智能收入運行速度將在全年加速,雲端收入預計將按年實現雙位數增長。該行預計今年將增10.4%。另外,管理層提到,阿里雲最近發起的降價對百度雲業務的影響可能有限。 該行表示,對百度由文心一言推動的核心營銷業務增長速度略爲樂觀,將今年的增長預測從按年6%上調至8%。該行認爲當前人工智能驅動的廣告技術將在中國GDP增長的基礎上爲集團核心營銷帶來2至3個百分點的按年增長。該行指出,集團正在努力改善人工智能聊天機械人的功能,以克服現有的搜尋缺陷並長遠地提高轉換率。該行相信,集團今年的股票回購步伐或會加快,而積極的股東回報政策可能於短期內吸引投資者。 該行上調集團2024至26年的收入預測1至2%,並升期內盈利預測2至3%,重申「買入」評級,目標價由152元微升至153元。
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