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《大行》摩通升百度(09888.HK)目標價至225元 AI業務帶動估值重評
摩根大通發表研究報告，重新評估百度(09888.HK)的業務架構。報告認為，市場早前普遍將百度視為「下滑的搜索業務」加上「昆侖芯IPO催化劑」，並預期資金會在昆侖芯上市後從百度輪換至昆侖芯。然而，百度今年第一季的業績打破了這一說法。百度核心AI業務收入達136億元人民幣，按年增長49%，首次在百度核心業務中佔比過半，達52%，而傳統線上營銷服務則按年下跌22...
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《大行》摩通升百度(09888.HK)目標價至225元 AI業務帶動估值重評
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摩根大通發表研究報告，重新評估百度(09888.HK)  +1.700 (+1.344%)    Short selling $263.28M; Ratio 24.338%   的業務架構。報告認為，市場早前普遍將百度視為「下滑的搜索業務」加上「昆侖芯IPO催化劑」，並預期資金會在昆侖芯上市後從百度輪換至昆侖芯。然而，百度今年第一季的業績打破了這一說法。

百度核心AI業務收入達136億元人民幣，按年增長49%，首次在百度核心業務中佔比過半，達52%，而傳統線上營銷服務則按年下跌22%。該行更新的分類加總估值法(SOTP)顯示，僅AI業務的估值已對應每份ADS達169美元，高於未計入傳統業務、愛奇藝或淨現金前的當前股價水平。

基於此，摩通將百度港股目標價由195港元上調至225港元，百度(BIDU.US)      美股目標價由200美元上調至230美元，評級維持「增持」。該行預測，隨著AI業務佔比機械式上升，而廣告業務的拖累因基數變小而減弱，此趨勢將在2026年持續強化。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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