《大行》野村降百度(BIDU.US)目標價至91美元 維持「中性」評級
野村發表研究報告指,百度(BIDU.US)(09888.HK)次季核心業務收入按年下降2%,大致符合預期;非GAAP經營溢利按年降37.4%至44億元人民幣,高於預期;經營溢利率按年收縮9.5個百分點至16.7%,主要是由於廣告業務疲弱。按業務劃分,百度核心的在線營銷收入按年降15%;百度的雲業務收入增27%,大致符合預期,但增長較首季42%有所放緩。
該行表示,由於搜索結果中包含更多AI產生的內容,這或蠶食搜索廣告的存量,加上AI搜索領域競爭加劇,可能會影響百度的整體搜索量,因此預計公司的搜尋廣告將在第三季及第四季分別按年減少22%及16%。
該行指出,AI對百度來說既是挑戰亦是機遇,因為百度是中國互聯網領域中唯一一間幾乎全部現金流都依賴搜索廣告的公司,而傳統的搜索商業模式正被AI搜索所影響,惟AI搜索仍沒有成熟的盈利模式。該行下調百度今明兩年核心經營溢利18%和21%,維持「中性」評級,但將目標價由93美元下調至91美元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.