皇冠现金网官网寻求亚洲战略合作伙伴,皇冠现金网官网代理招募中,皇冠现金网官网开放会员注册、充值、提现、电脑版下载、APP下载。

首页财经正文

Nhóm Chơi Tài Xỉu:BAIDU INC(BIDU.US):BUSINESS ALIGNED WITH MACRO TREND

admin2022-11-244皇冠注册平台

Nhóm Chơi Tài Xỉu(www.84vng.com):Nhóm Chơi Tài Xỉu(www.84vng.com) cổng Chơi tài xỉu uy tín nhất việt nam。Nhóm Chơi Tài Xỉu(www.84vng.com)game tài Xỉu đánh bạc online công bằng nhất,Nhóm Chơi Tài Xỉu(www.84vng.com)cổng game không thể dự đoán can thiệp,mở thưởng bằng blockchain ,đảm bảo kết quả công bằng.

Baidu 3Q22 revenue increased by 2% YoY, beating consensus by 2.4%.
Non-GAAP earnings rose 16% YoY, beating consensus by 7%, thanks to improved OP margin from business line optimisation and well- controlled SG&A expenses. Management indicates ads revenue and AI cloud growth aligned with Covid situation and macro conditions.
Reiterate BUY with trimmed target price from US$185 to US$181, equivalent to HK$177 for H-share.
Key Factors for Rating
3Q22 revenue increased by 2% YoY to RMB32.5bn, beating market consensus by 2.4%, despite Covid lockdowns in August and September. Online marketing service revenue reached RMB19.9bn, down 5% YoY mainly due to the regional lockdowns hindering offline advertisements such as travel and franchising verticals and weak macro economy curbing advertisers’ budgets. Non-marketing revenue from Baidu core increased by 16% YoY, mainly driven by 24% YoY growth of AI cloud revenue to RMB4.5bn, well ahead of industry average level.
Non-GAAP net income increased by 16% YoY to RMB5.9bn, beating consensus by 7%, representing a net margin of 18.1%, up by 2ppts YoY. We attribute this mainly to business line optimisations such as realigning the cloud business and focusing on cloud business with higher margin within Baidu core and content cost reductions by iQIYI, coupled with well controlled SG&A expenses (declined 32% YoY). Mobile ecosystem provides the stable cash flow continuously for investments of AI and intelligent driving. Management also indicated to continue the efforts to narrow the loss in AI cloud.
Margin improvement despite revenue slowdown: 1) AI Cloud revenue growth slowed down to 24% YoY (vs 45% YoY in 1Q22 and 31% in 2Q22), mainly impacted by COVID restrictions impeding the bidding for new contracts and deployment of existing projects. 2) Adjusted operating profit margin increased by 7ppts YoY to 22%, among which, Baidu core’s adjusted OPM was up 3ppts YoY and iQIYI’s adjusted OPM turned positive.
Earning revisions: we revised up our FY22-24E revenues by 0.6%/0.5%/0.5% and adjusted up FY22-24E non-GAAP earnings by 7.1%, 1.0% and 1.1% respectively, mainly including 3Q22 non-GAAP earnings which is better than our previous estimate.
Valuation
We reiterate BUY, and revised down our target price from US$185.00 to US$181 based on SOTP valuation methodology with updated forecast and applying 10x PE for FY22/23 ad business and 5x P/S (vs previous 7x) for FY22/23 Cloud business.
Key Risks for Rating
Macroeconomic slowdown; stricter regulatory environment; intensified industry competition; higher-than-expected R&D costs; risks associated with the landing of AI-related projects; higher-than-expected traffic acquisition costs and margin drag from iQiyi.
【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,,

幸运哈希源码出售www.hx198.vip)采用波场区块链高度哈希值作为统计数据,游戏数据开源、公平、无任何作弊可能性,幸运哈希源码出售开放单双哈希、幸运哈希、哈希定位胆、哈希牛牛等游戏源码下载、出售。

,风险请自担。

   【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。

,

在线博彩平台www.hg108.vip)是皇冠体育官网线上直营平台。在线博彩平台面向亚太地区招募代理,开放皇冠信用网代理申请、皇冠现金网代理会员开户等业务。在线博彩平台可下载皇冠官方APP,皇冠APP包括皇冠体育最新代理登录线路、皇冠体育最新会员登录线路。

网友评论

热门标签