---
title: "《大行》麥格理對百度評級升至「跑贏大市」目標價大幅上調至 171 元"
description: "麥格理將百度的投資評級上調至「跑贏大市」，目標價大幅提升至 171 元。報告指出，百度正在轉向多元化收入來源，尤其是人工智能雲和自動駕駛領域。儘管核心搜索業務面臨壓力，市場已預期其下降趨勢。調整後的淨利潤預測下調 23% 及 8%，反映去槓桿效應。晶片設計部門預計將貢獻百度估值的三分之一。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/260843440.md"
published_at: "2025-10-13T06:46:47.000Z"
---

# 《大行》麥格理對百度評級升至「跑贏大市」目標價大幅上調至 171 元

> 麥格理將百度的投資評級上調至「跑贏大市」，目標價大幅提升至 171 元。報告指出，百度正在轉向多元化收入來源，尤其是人工智能雲和自動駕駛領域。儘管核心搜索業務面臨壓力，市場已預期其下降趨勢。調整後的淨利潤預測下調 23% 及 8%，反映去槓桿效應。晶片設計部門預計將貢獻百度估值的三分之一。

麥格理報告指，百度 (09888.HK) 正轉向更多元化收入來源，人工智能雲和自動駕駛的士帶來正面期權價值。該行又指，百度核心搜尋業務可能仍面臨壓力，因為百度從傳統搜尋轉向生成式搜尋，但市場已充分預期其下降趨勢。

該行將百度今明兩年經調整淨利潤預測下調 23% 及 8%，反映核心搜尋業務下降帶來的去槓桿效應，投資評級則由「中性」上調至「跑贏大市」。目標價由 96 元大幅上調至 171 元，晶片設計部門或貢獻百度估值三分一 (按 20 倍市銷率計估算)。

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