Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (9888.HK) with a target price of 128.7 HKD, compared to the current price of 87.60 HKD [4]. Core Insights - Baidu Group's total revenue for Q1 2025 is expected to decline by 1.5% year-on-year to 31.04 billion RMB, while core revenue is projected to grow by 1.4% to 24.14 billion RMB. The core non-GAAP operating profit is anticipated to be 4.6 billion RMB, a decrease of 17.6% year-on-year, with an operating margin of 19.1% [1][2]. - The online marketing business is expected to face continued pressure, with a projected 6.0% decline in online marketing services revenue to 15.98 billion RMB in Q1 2025. However, improvements are anticipated in the first half of 2025 as macroeconomic conditions recover [1][2]. - Non-online marketing revenue is expected to grow significantly, driven by AI and cloud services, with a projected 20.1% year-on-year increase to 8.16 billion RMB in Q1 2025 [1][2]. Summary by Sections Online Marketing Business - The online marketing services revenue is projected to decline by 6.0% to 15.98 billion RMB in Q1 2025, primarily due to insufficient recovery in macroeconomic conditions and weak demand from advertisers [1]. - Baidu is focusing on enhancing AI content quality in search, which is expected to improve user experience and drive commercial growth in the medium term [1]. Non-Online Marketing Business - The non-online marketing business is expected to see a robust growth of 20.1% year-on-year, reaching 8.16 billion RMB in Q1 2025, driven by strong demand for AI-related cloud services [1][2]. - Baidu's cloud business is anticipated to maintain rapid growth, with significant bidding activity in the AI market, positioning it as a leader among domestic large model vendors [1][2]. Financial Forecasts - The report forecasts a decline in non-GAAP net profit for 2025 to 25.1 billion RMB, reflecting a decrease of 7.05% year-on-year. The target price remains at 128.7 HKD, with a valuation multiple of 10.0x PE for advertising and cloud services [2][3][4].

智通财经APP获悉，港股早盘强势拉升，恒指一度收复两万二大关，恒科指盘中则涨逾2%；午后三大 股指震荡回调，恒科指尾盘一度转跌，恒指涨幅亦明显收窄。截止收盘，恒生指数涨0.32%或70.98点， 报21980.74点，全日成交额2080.36亿港元；恒生国企指数涨0.29%，报8080.54点；恒生科技指数涨 0.14%，报4982.96点。全周来看，恒指累涨2.74%，国指累涨2.32%，恒科指数累涨1.96%。 国君国际指出，往前看，港股短期或横盘整固，"哑铃型"配置结构可逐步增加科技成长风格。特朗普政 府不确定性较高，电讯、公用事业、资讯科技和医疗保健等内资话语权更高的行业波动更小。其中，盈 利水平稳定的高分红行业能抵御外部波动。另外，自主可控和进口替代逻辑下，半导体、电子、互联网 和创新药等或受益。最后，在外需走弱、外部压力加大的背景下，内需相关行业或受益于消费政策预期 升温。 蓝筹股表现 百度集团-SW(09888)领涨蓝筹。截至收盘，涨3.85%，报87.6港元，成交额13.36亿港元，贡献恒指4.56 点。4月25日，百度发布文心大模型4.5 Turbo、文心大模型X1 Turbo、高说服力数字 ...

恒生科技指数涨幅扩大至2%，恒生指数现涨1.58%，百度(09888.HK)涨超5%。 ...

百度(09888.HK)宣布成功建立了由3万个自主研发的昆仑芯片组成的GPU集群，足以支持大语言模型的 训练。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈本公司股東大會投票的所有事宜，A類 普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者務請留意投資不同投票權架 構公司的潛在風險。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達克上市，股份代碼為 BIDU。 Baidu, Inc. 百度集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9888（港幣櫃台）及89888（人民幣櫃台）） 2024 年度報告 我們欣然發佈我們截至2024年12月31日止財政年度的年報，當中載有我們於本報告期間的經審計全年業績。本文 件乃根據《香港聯合交易所有限公司證券上市規則》第13.46(2)條作為我們的年度報告提供予我們的股東。本文件在 香港聯交所網站( http://www.hkexnews.hk )及我們的網 ...

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (09888.HK) [1] Core Insights - The report highlights a significant acceleration in Baidu's cloud business, projecting strong growth in AI-related services for 2025. The intelligent cloud revenue grew by 26% year-on-year in Q4 2024, up from 12% in Q1, 14% in Q2, and 11% in Q3 [3] - The report notes that Baidu's core operating profit margin declined by 4 percentage points year-on-year, primarily due to a one-time loss of RMB 1 billion, which included provisions for expected credit losses and inventory impairments [4] - The report anticipates gradual improvement in Baidu's advertising business in 2025, driven by economic policy changes and the long-term benefits of generative AI on search services [8] Financial Performance Summary - For 2023, Baidu's total revenue was RMB 134.6 billion, with a year-on-year growth of 8.83%. The net profit attributable to shareholders was RMB 20.3 billion, reflecting a significant increase of 168.75% [1] - The forecast for 2024 shows a slight decline in total revenue to RMB 133.1 billion, with a projected net profit of RMB 23.8 billion, a 16.96% increase [1] - Non-GAAP net profit is expected to decrease from RMB 27 billion in 2023 to RMB 25.4 billion in 2025, with a corresponding Non-GAAP PE of 9 times [9]

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (09888.HK) [1] Core Insights - The report highlights a significant acceleration in Baidu's cloud business, projecting strong growth in AI-related services for 2025. The intelligent cloud revenue grew by 26% year-on-year in Q4 2024, up from 12% in Q1, 14% in Q2, and 11% in Q3 [3] - The report notes that Baidu's core operating profit margin declined by 4 percentage points year-on-year, primarily due to a one-time loss of RMB 1 billion, which included provisions for expected credit losses and inventory impairments [4] - The report anticipates gradual improvement in Baidu's advertising business in 2025, driven by economic policy changes and the long-term benefits of generative AI on search services [8] Financial Performance Summary - For 2023, Baidu's total revenue was RMB 134.6 billion, with a year-on-year growth of 8.83%. The net profit attributable to shareholders was RMB 20.3 billion, reflecting a significant increase of 168.75% [1] - The forecast for 2024 shows a slight decline in total revenue to RMB 133.1 billion, with a projected net profit of RMB 23.8 billion, a 16.96% increase [1] - Non-GAAP net profit is expected to decrease from RMB 27 billion in 2023 to RMB 25.4 billion in 2025, with a corresponding Non-GAAP PE of 9 times [9]

Investment Rating - The investment rating for Baidu Group is "Outperform the Market" [5] Core Insights - Baidu Group's total revenue for Q4 2024 was 341 billion yuan, a slight decrease of 2% year-on-year, with adjusted net profit reaching 67 billion yuan, down 13% year-on-year [1][7] - The core advertising revenue declined by 7%, while the AI-driven cloud business showed significant growth, with a 26% increase in revenue [2][17] - The company is focusing on AI technology to enhance search advertising and cloud services, with expectations of adjusted net profits of 272 billion yuan in 2025 and 301 billion yuan in 2026 [21] Financial Performance Summary - For Q4 2024, Baidu's core revenue remained stable year-on-year, while iQIYI's revenue fell by 14% [12] - The online marketing revenue for Q4 2024 was 179 billion yuan, down 7% year-on-year, primarily due to economic pressures on small and medium enterprises [14] - The adjusted net profit margin for Baidu's core business was 24% in Q4 2024, with operating expenses remaining stable at 122 billion yuan [7][14] Business Segment Analysis - The non-marketing revenue for Baidu's core business reached 98 billion yuan in Q4 2024, a 43% increase, driven by the intelligent cloud business [17] - The AI cloud business revenue was 71 billion yuan, reflecting a 26% year-on-year growth, with significant increases in API call volumes [2][17] - Apollo Go achieved 100% fully autonomous driving operations in China, providing over 1.1 million rides in Q4 2024, a 36% increase year-on-year [18]

传媒/数字媒体 百度集团-SW（09888.HK） 智能云同比增速加快，关注广告复苏节奏 2025 年 02 月 20 日 投资评级：买入（维持） | 日期 | 2025/2/19 | | --- | --- | | 当前股价(港元) | 88.350 | | 一年最高最低(港元) | 119.40/74.300 | | 总市值(亿港元) | 2,514.80 | | 流通市值(亿港元) | 2,478.41 | | 总股本(亿股) | 28.46 | | 流通港股(亿股) | 28.05 | | 近 3 个月换手率(%) | 24.92 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-02 2024-06 2024-10 百度集团-SW 恒生指数 相关研究报告 《广告业务短期承压，有待宏观复苏 及AI产品变现—港股公司信息更新报 告》-2024.11.24 《广告持续承压，关注 AI 产品重构及 智驾商业化—港股公司信息更新报 告》-2024.8.24 《2024Q1 利润超预期，广告短期增长 承 压 — 港 股 公 司 信 息 更 新 报 告 》 -2024.5 ...

Investment Rating - The investment rating for Baidu Group-SW is "Buy" (maintained) [6][13]. Core Views - The growth of intelligent cloud services is accelerating due to AI, and the advertising business is expected to gradually recover with the macroeconomic environment and AI search commercialization [6]. - The non-GAAP net profit forecast for 2025-2026 has been slightly adjusted to 27.1 billion and 29.4 billion CNY respectively, with a new forecast for 2027 at 32 billion CNY, corresponding to year-on-year growth rates of 0.2%, 8.7%, and 8.7% [6]. - The current stock price of 88.35 HKD corresponds to a price-to-earnings ratio (PE) of 8.7, 8.0, and 7.4 for the years 2025-2027 [6]. Financial Summary and Valuation Indicators - Revenue for 2023 is reported at 134.6 billion CNY, with a year-on-year growth of 8.8%. For 2024, revenue is expected to decline slightly to 133.1 billion CNY, a decrease of 1.1% [9]. - Non-GAAP net profit for 2023 is 28.7 billion CNY, with a year-on-year growth of 39.0%. The forecast for 2024 is a decline to 27.0 billion CNY, a decrease of 6.1% [9]. - The gross margin is projected to be 52.6% in 2023, slightly improving to 52.9% in 2024, while the net margin is expected to decrease from 21.4% in 2023 to 20.3% in 2024 [9].