百度集团-SW重申“买入”评级，看好昆仑芯分拆带来重估机会_老虎社区_美港股上老虎

百度集团-SW重申“买入”评级，看好昆仑芯分拆带来重估机会

大和证券03-05 16:14

一、核心观点大和证券发布研报，重申对百度集团-SW(09888)的“买入”评级，并上调目标价至175港元。报告指出，百度2023年第四季度收入符合预期，盈利表现优于预期，主要得益于成本控制带来的毛利率改善。此外，管理层透露分拆昆仑芯的计划仍在推进中，这被视为短期内推动估值的重要催化剂。二、昆仑芯分拆的潜在影响大和证券认为，昆仑芯的分拆将成为百度估值重估的关键因素。根据其估算，昆仑芯的隐含股权价值已...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260305163050a6a5d513&s=b><strong>大和证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>一、核心观点大和证券发布研报，重申对百度集团-SW(09888)的“买入”评级，并上调目标价至175港元。报告指出，百度2023年第四季度收入符合预期，盈利表现优于预期，主要得益于成本控制带来的毛利率改善。此外，管理层透露分拆昆仑芯的计划仍在推进中，这被视为短期内推动估值的重要催化剂。二、昆仑芯分拆的潜在影响大和证券认为，昆仑芯的分拆将成为百度估值重估的关键因素。根据其估算，昆仑芯的隐含股权价值已...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260305163050a6a5d513&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0229945570.USD","symbol_name":"TEMPLETON BRIC \"A\" (USD) 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spin-off","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89888":0.9,"BIDU":1.96,"09888":1.96},"content_text":"一、核心观点大和证券发布研报，重申对百度集团-SW(09888)的“买入”评级，并上调目标价至175港元。报告指出，百度2023年第四季度收入符合预期，盈利表现优于预期，主要得益于成本控制带来的毛利率改善。此外，管理层透露分拆昆仑芯的计划仍在推进中，这被视为短期内推动估值的重要催化剂。二、昆仑芯分拆的潜在影响大和证券认为，昆仑芯的分拆将成为百度估值重估的关键因素。根据其估算，昆仑芯的隐含股权价值已相当于百度最新市值的一半。这一显著的价值释放潜力为市场提供了重要的投资机会。分析师进一步指出，随着分拆计划逐步落地，投资者可能重新评估百度的整体估值。三、云业务与AI高性能计算设施的表现尽管百度云业务的增长有所放缓，但收入结构持续优化。上季度，基于订阅的AI高性能计算设施收入同比增长143%，显示出强劲的市场需求和盈利能力的增强。大和证券认为，这种结构性改善将有助于百度在未来实现更稳健的财务表现。四、盈利能力和成本控制报告强调，百度在成本控制方面的努力是其盈利表现优于预期的主要原因。毛利率的提升不仅反映了公司在运营效率上的改进，也表明其在应对市场竞争时具备更强的韧性。这种盈利能力的增强为百度未来的发展奠定了坚实基础。五、投资建议基于上述分析，大和证券维持对百度的“买入”评级，并将目标价从171港元上调至175港元。分析师认为，昆仑芯分拆计划的推进以及云业务收入结构的优化，将为百度带来显著的重估机会，值得投资者关注。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}