作者:admin 日期:2023-12-12 18:01:02 浏览:56 分类:资讯
天风国际发布研究报告称,维持百度集团-SW(09888)“买入”评级,基于本季度业绩表现强劲,或反映出在复杂宏观经济形势下的经营韧性,以及AI业务文心一言的稳健发展,将FY2023-2025收入预测由1352/1466/1629亿元调整到1359/1474/1638亿元,目标价141港元。公司Q3总收入344亿元,同比+6%,超机构一致预期0.7%;Non-GAAP净利润73亿元,同比+23%,超机构一致预期15.8%。
天风国际主要观点如下:
百度Core:
23Q3百度Core收入为266亿元,同比+5%;其中在线营销收入197亿元,同比+5%,主要受医疗健康、旅游等垂类行业的持续复苏推动;非在线营销收入69亿元,同比+6%;爱奇艺收入80亿元,同比+7%。该行认为,百度面对Q3广告业务受宏观复苏走弱及电商平台领域疲软等环境影响,展现了强劲的市场适应力。Q3业绩超出机构预期,体现百度在当前复杂宏观环境下的稳健经营能力。
随着旅游、医疗、电商等行业的逐步复苏,加上宏观环境的逐渐改善,以及百度在内部对电商平台进行的重组等策略调整,该行预计公司在23Q4将实现业绩恢复,内部重组等策略调整有望带来增量。该行看好百度在面临市场挑战时的弹性和适应能力,以及未来增长的潜力。整体流量方面,据公司公告披露,百度9月平均月活为6.63亿,同比+5%。
利润端:
23Q3Non-GAAP运营利润76亿元,其中百度Core为67亿元,运营利润率25%(23Q2为25%,23Q1为23%);Non-GAAP净利润73亿元,同比+23%。该行认为,百度在AI大模型领域的持续投入,渠道支出和市场推广支出的增加,短期内利润增长或略有波动,中长期来看伴随AI产品货币化带来可观的收入,有望带动公司业绩持续增长。
智能云&文心一言:
10月17日百度发布文心一言4.0、AI插件、百度智能云千帆AI及多款AI原生应用等。文心一言4.0在理解、生成、逻辑、记忆四大方面得到显著提升。自10月17日发布文心一言4.0以来,文心4.0用户规模达7000万,开发者规模达64万,场景覆盖4300个,应用达2492个。百度的灵境插件平台上线一个月拥有2.7万个开发者入驻,覆盖20多个领域。百度的智能云千帆大模型服务企业超20000家覆盖500个场景。重构后的百度文库AI新功能累计使用用户达3000万,累计功能使用次数破2亿。百度网盘推出的全球首个个人云智能助理“云一朵”用户累计突破2000万。
智能驾驶:
战略上将资源集中在关键地区,武汉仍是最大的运营区域。自动叫车服务萝卜快跑在23Q3提供82.1万次乘车服务,同比+73%。截至2023年9月30日,萝卜快跑为公众提供的累计单量达到410万次。
该行认为百度的AI原生应用是对百度现有应用的重构
在搜索、网盘、文库、地图等传统应用场景下的数据积累,同时将AI大模型持续迭代升级后的各项能力镶嵌在原有应用中,并伴随生成新的AI应用,已推出GBI,如流等。该行认为丰富的应用落地场景未来会让文心一言有更多的优质数据去迭代升级,而文心一言的升级或将反馈给各个场景,优化应用,起到飞轮效应。百度于2023年10月成立科技伦理委员会,以指导科技专业人员实践,确保AI发展安全。该行认为公司AI持续赋能,核心业务重塑产品及服务,并建立先发优势,有望长期保持强劲竞争力。
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