【花旗降百度目标价至138美元 维持买入评级】金十数据5月22日讯，花旗发表报告指，百度(BIDU.O)今年第一季度云服务收入按年加速增长42%至67亿元人民币，主要受益于基于项目的企业客户和订阅制企业客户的需求。报告指，尽管订阅制收入具有高度可持续性，但基于项目的收入波动会影响今年第二季度/财年的云服务收入预测。由于百度在今年第一季度加速推进搜索业务的AI转型，AI智能体收入占百度核心广告收入的9%，传统搜索广告收入因此受到负面影响。花旗预计其核心广告收入在第二/三季度按年下降10%，至第四季度放缓至按年下降5%。并预计云服务利润率将稳定在低十位数（lowteens），但AI领域的投资以及搜索广告收入受到的冲击，将在未来几个季度对百度核心业务的营运利润率造成压力。在调整预测后，目标价从139美元下调至138美元。鉴于估值仍具吸引力，维持买入评级。
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