公司研究 | 季报点评 百度集团-SW 09888.HK 买入（维持） AI 助力商业化效率提升，打造增长新动力 股价（2024年03月12日） 102港元 目标价格 162.23港元 52周最高价/最低价 159/94.3港元 ——百度2023Q4财报点评 总股本/流通H股（万股） 279,678/225,540 H股市值（百万港币） 285,271 核心观点 国家/地区 中国 行业 传媒 【事件】公司发布23Q4财报，实现收入349.5亿（yoy+6%），略低于彭博一致预期 报告发布日期 2024年03月13日 350.1亿，调整后净利润77.6亿元，non-gaap margin 为22.2%（彭博一致预期63.8 亿），利润增长超市场预期。 1周 1月 3月 12月 ⚫ 核心广告业务稳健，云业务达到双位数增长。23Q4百度收入349.5亿 绝对表现% 7.03 0.79 -7.69 -21.24 （yoy+6%），略低于彭博一致预期，百度核心实现收入274.88亿（yoy+7%，彭博 相对表现% 1.27 -7.76 -12.08 -9.72 一致预期6.45%）。23Q4广告营销实现收入192亿（y ...

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (9888.HK) with a target price of HKD 116.96, based on a current price of HKD 96.20 [1]. Core Insights - Baidu's core business remains robust, with AI becoming a new growth driver. In Q4 2023, the company reported revenue of RMB 35 billion, a year-on-year increase of 6%, and a Non-GAAP net profit of RMB 7.8 billion, up 44% year-on-year. For the full year 2023, total revenue reached RMB 134.6 billion, growing 9% year-on-year, while Non-GAAP net profit was RMB 28.7 billion, a 39% increase [2][3]. Summary by Sections Performance Summary - In Q4 2023, Baidu's online advertising revenue was RMB 19.2 billion, reflecting a 6% year-on-year growth, driven by recovery in sectors like travel and healthcare. The monthly active users (MAU) of Baidu APP reached 667 million, a 3% increase year-on-year [2]. - Non-marketing revenue in Q4 2023 was RMB 8.3 billion, up 9% year-on-year, with significant growth in smart cloud and autonomous driving services. The number of developers on the PaddlePaddle platform reached 10.7 million, serving 235,000 enterprises [2]. AI Commercialization - The commercialization of AI is progressing, with the Wenxin large model seeing over 50 million daily calls in Q4 2023, a 190% quarter-on-quarter increase. By December 2023, 26,000 enterprises were using the Wenxin model, a 150% increase from the previous quarter [2][3]. Earnings Forecast - The report forecasts adjusted EPS for Baidu for 2024-2026 to be RMB 10.76, RMB 11.44, and RMB 12.13 respectively. Non-GAAP net profit is expected to continue growing, supported by increasing advertising demand and the ongoing application of AI large models [3][10].

百度集团-SW（9888） 更新报告 买入 2023年3月4日 宏观疲软导致广告业务承压，AI变现能力待验证 罗凡环  收入和利润持续超市场预期，股票回购力度不足：23Q4 公司营业总收入为 350 亿元人 852-25321962 民币（YoY+6%，QoQ+1%），符合市场预期；Non-GAAP 经营利润 71 亿元（YoY+9%）； Simon.luo@firstshanghai.com.hk Non-GAAP 净利润 78 亿元（YoY+44%），大幅超市场预期。分业务看，百度核心收入 李京霖 275 亿元（YoY+7%）。其中，在线营销收入 192 亿元（YoY+6%），非在线营销收入 83亿元（YoY+9%）。Non-GAAP核心经营利润62亿元，；Non-GAAP核心净利润75亿 852-25321539 元。爱奇艺收入 77 亿元（YoY+2%），归属百度的净利润 4.66 亿，总体经营稳健。 Jinglin.li@firstshanghai.com.hk 自 23Q4 起，百度回购股票 318 百万美元，目前股份回购计划项下的累计回购额达 669 百万美元，剩余授权股票额度 43 亿美元。 ...

Investment Rating - The report maintains a "Buy" rating for Baidu Group with a target price of 115 HKD [4][8]. Core Insights - Baidu's revenue growth is steady, with AI contributing significantly to revenue increases in advertising and cloud services. The incremental revenue from AI is expected to reach several billion RMB in 2024, indicating substantial profit potential as the AI ecosystem develops [2][8]. - The company is projected to achieve revenues of 1,435 billion, 1,569 billion, and 1,715 billion RMB for FY2024E, FY2025E, and FY2026E respectively, with year-on-year growth rates of 7%, 9%, and 9%. Adjusted net profits are expected to be 331 billion, 383 billion, and 432 billion RMB, reflecting growth rates of 15%, 16%, and 13% [2][8]. Summary by Sections 1. Performance Overview - Baidu achieved a revenue of 350 billion RMB in Q4 2023, a 6% year-on-year increase. Core revenue grew by 7% to 275 billion RMB, driven by an 8% increase in online marketing revenue, primarily from AI cloud services. Monthly active users of the Baidu app reached 667 million, a 3% increase year-on-year [2][3]. 2. Business Segment Performance - AI cloud revenue increased by 11% to 57 billion RMB, with generative AI applications contributing 4.8% to AI cloud revenue. The company’s gross margin improved by 1.4 percentage points, while operating profit margin increased by 1.5 percentage points. Adjusted net profit rose by 51% to 81 billion RMB, corresponding to a net profit margin of 23% [2][3][11]. 3. Investment Recommendations - The report anticipates that while the mobile ecosystem business may face pressure due to macroeconomic factors affecting advertising demand, AI will provide new revenue streams. The integration of AI into core operations is expected to enhance product quality and reduce operational costs. The revenue estimates for FY2024E, FY2025E, and FY2026E have been slightly adjusted to 1,435 billion, 1,569 billion, and 1,715 billion RMB respectively [2][8][11].

证券研究报告 | 2024年03月02日 百度集团-SW（09888.HK） 增持 营收利润稳步增长，关注 AI 技术对业务的重塑 核心观点 公司研究·海外公司财报点评 总览：总收入增长6%，经调整归母净利润率持续提升。2023Q4，百度集团实 互联网·互联网Ⅱ 现总收入350亿元，同比增长6%。百度核心收入同比增长7%，爱奇艺收入 证券分析师：张伦可 联系人：刘子谭 同比增长2%。2023Q4，百度集团实现经调整归母净利润78亿元，同比增长 0755-81982651 zhanglunke@guosen.com.cnliuzitan@guosen.com.cn 40%。经调整归母净利润率22%。其中，百度核心实现经调整归母净利润62 S0980521120004 亿元，同比增长13%,经调整归母净利润率23%。 基础数据 百度核心广告收入增长6%，AI重构广告系统。2023Q4，百度核心在线营销 投资评级 增持(维持) 合理估值 120.00 - 140.00港元 收入为192亿元，同比增长6%，主要受到旅游、医疗保健等垂直行业的推动。 收盘价 99.55港元 百度能够为搜索查询生成实时文本广告，帮助提高了 ...

证券研究报告·海外公司点评·软件服务(HS) 百度集团-SW（09888.HK） 23Q4 业绩点评：盈利好于预期，期待 AI 驱 2024年 03月 02日 动 24 年增长 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 郭若娜 营业总收入（百万元） 123,675 134,598 143,168 152,356 160,700 执业证书：S0600122080017 同比 -0.66% 8.83% 6.37% 6.42% 5.48% guorn@dwzq.com.cn Non-GAAP 归母净利润 20,680 28,747 29,018 31,528 35,186 （百万元） 股价走势 同比 9.82% 39.01% 0.94% 8.65% 11.60% 百度集团-SW 恒生指数 EPS-最新摊薄（元/ 6% 7.39 10.28 10.38 11.27 12.58 2% 股,Non-GAA ...

传媒/数字媒体 公 司 百度集团-SW（09888.HK）2023Q4 利润超预期，广告增速受制宏观环境 研 究 2024年03月01日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 荀月（联系人） wuliuyan@kysec.cn xunyue@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122100036 日期 2024/2/29 港 当前股价(港元) 99.550  广告受宏观因素扰动，AI投入确认对利润率影响可控，维持“买入”评级 股 一年最高最低(港元) 159.00/94.300 考虑到百度核心及爱奇艺运营效率及盈利能力持续提升，我们上调公司 公 司 总市值(亿港元) 2,833.38 2024/2025年non-GAAP净利润预测至281/316亿元（前值:276/313亿元），新增 信 流通市值(亿港元) 2,784.19 2026年non-GAAP净利润预测341亿元，对应同比增速-2.2%/12.5%/7.9%，对应 息 更 总股本(亿股) 28.46 调整后摊薄 EPS 9.7/10.8/11.5 元，当前股价 99.55HK ...

2024年02月29日 百度集团-SW 买入（维持评级） （09888.HK） 港股公司点评 证券研究报告 传 媒与互联网组 AI 赋能初体现，大模型带来增量收入 分析师：陈泽敏（执业S1130524020004） 业绩简评 chenzemin＠gjzq.com.cn 2024 年 2 月 28 日，公司披露 2023 年四季度及全年业绩公告， 分析师：许孟婕（执业S1130522080003） 2023Q4 公司实现收入 350 亿元，同比增长 6%，2023 年收入 1346 x umengjie＠gjzq.com.cn 亿元，同比增长9%，2023Q4 Non-GAAP归母净利润78亿元，同比 增长44%，2023年Non-GAAP归母净利润287亿元，同比增长39%。 市 价（港币）：106.600元 经营分析 百度核心：收入符合预期，在线营销保持稳健增长，云业务收入增 相关报告： 速回暖。2023Q4百度核心收入达到275亿元，同比增长7%，Non- 1.《百度集团-SW港股公司点评：业绩超预期，AI原生应 GAAP归属于百度核心的净利润75亿元，同比增长44%，GAAP归属 用快速增长》，2023 ...

Financial Performance - Total revenue for Q4 2023 was RMB 34,951 million, representing a 6% year-over-year increase[3] - Operating profit for Q4 2023 was RMB 5,392 million, a decrease of 17% compared to Q4 2022[3] - Net profit attributable to Baidu for Q4 2023 was RMB 2,599 million, down 48% year-over-year[3] - Total revenue for Q4 2023 was RMB 35 billion (USD 4.92 billion), a year-over-year increase of 6%[7] - Baidu's core revenue reached RMB 27.5 billion (USD 3.87 billion), up 7% year-over-year; online marketing revenue was RMB 19.2 billion (USD 2.70 billion), growing 6%[7] - Total revenue for the fiscal year 2023 was RMB 134.6 billion (USD 18.96 billion), a year-over-year increase of 9%[9] - The company achieved a total revenue of $4.5 billion for the quarter, reflecting a 15% increase compared to the previous year[13] - Total revenue for Baidu increased to RMB 34,447 million in Q3 2023, up 4.1% from RMB 33,077 million in Q3 2022[16] - Total revenue for Baidu Group in Q4 2023 reached RMB 34,951 million, a 6% increase year-over-year[20] - Total revenue for Baidu Group reached RMB 123.675 billion for the year ending December 31, 2022, representing an 8% year-over-year increase[22] Profitability Metrics - The adjusted EBITDA for Q4 2023 was RMB 9,057 million, a 10% increase year-over-year[3] - Operating profit for Q4 2023 was RMB 5.4 billion (USD 759 million), with a core operating profit margin of 17%[7] - Net profit attributable to Baidu was RMB 2.6 billion (USD 366 million), with a diluted earnings per ADS of RMB 6.77 (USD 0.95)[8] - Baidu's operating profit margin improved to 25%, up from 20% in the same quarter last year, indicating enhanced operational efficiency[14] - The adjusted EBITDA for the fiscal year was RMB 35.8 billion (USD 5.05 billion), with an adjusted EBITDA margin of 27%[10] - Baidu's operating profit (non-GAAP) for the year ended December 31, 2023, was RMB 28,433 million, representing an 18% increase year-over-year[23] - The net profit attributable to Baidu (non-GAAP) for the same period was RMB 28,747 million, reflecting a 39% year-over-year growth[23] - Baidu's adjusted EBITDA for the year ended December 31, 2023, was RMB 35,823 million, which is a 21% increase compared to the previous year[23] - The operating profit margin (non-GAAP) improved to 24% for the year ended December 31, 2023, up from 19% in the previous year[23] User Engagement - Monthly active users of Baidu APP reached 667 million in December 2023, a 3% increase year-over-year[6] - Baidu reported a significant increase in user engagement, with daily active users reaching 600 million, representing a 10% year-over-year growth[12] - The number of active users for Baidu's core services increased by 7% year-over-year in Q4 2023[20] - The company reported a significant increase in user engagement metrics, with a 68% year-over-year growth in active users for its core business[23] Research and Development - R&D expenses increased by 11% year-over-year to RMB 6.3 billion (USD 886 million), primarily due to depreciation costs related to generative AI[7] - Baidu plans to invest $500 million in research and development for new AI technologies over the next fiscal year, aiming to enhance its product offerings[12] - Research and development expenses for Q3 2023 were RMB 6,101 million, up from RMB 5,658 million in Q3 2022[16] - Research and development expenses totaled RMB 23.315 billion for the year ending December 31, 2022, accounting for 19% of total revenue[22] - Baidu's research and development expenses for the core business were RMB 6,140 million in 2023, up from RMB 5,977 million in 2022, indicating a commitment to innovation[29] Cash Flow and Investments - Free cash flow for Q4 2023 was RMB 7 billion (USD 980 million), and RMB 6.3 billion (USD 894 million) excluding iQIYI[8] - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 205.4 billion (USD 28.93 billion) as of December 31, 2023[8] - Cash and cash equivalents decreased to RMB 25,231 million as of December 31, 2023, down from RMB 53,156 million as of December 31, 2022[18] - Baidu's cash flow from operating activities for the three months ended December 31, 2023, was RMB 10,618 million, an increase from RMB 9,985 million in the same period last year[24] - The company's free cash flow for the twelve months ended December 31, 2023, was RMB 22,109 million, compared to RMB 18,129 million for the same period in 2022, indicating a year-over-year increase of 21.9%[25] - Baidu's cash flow from investing activities for the twelve months ended December 31, 2023, was a net outflow of RMB 48,657 million, compared to a net outflow of RMB 4,210 million for the same period in 2022, representing a significant increase in investment activities[25] Strategic Initiatives - Baidu plans to continue investing in generative AI and foundational models to create new growth engines[2] - The company anticipates a revenue growth of 12% to 15% for the next quarter, projecting total revenue between $4.8 billion and $4.95 billion[12] - Baidu is expanding its market presence in Southeast Asia, targeting a 20% increase in user acquisition in the region by the end of the fiscal year[12] - The company has initiated a strategic partnership with a leading cloud service provider to enhance its cloud computing capabilities, expected to contribute an additional $200 million in revenue[12] - The company is exploring potential acquisitions in the digital marketing space to strengthen its competitive position in the market[12] - The company plans to expand its market presence through strategic partnerships and new product launches in 2024[20] - The company is focusing on strategic acquisitions to enhance its market position and expand its service offerings[29]

香港交易及結算所有限公司及香港聯合交易所有限公司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）） 2023 年 第 四 季 度 及 全 年 業 績 公 告 我們謹此公佈截至2023年12月31日止三個月及全年的未經審計業績（「2023年第四季 度及2023財年財務業績」）。2023年第四季度及2023財年財務業績可於香港聯交所網 站 www.hkexnews.hk 及我們的網站 http://ir.baidu.com 查閱。 ...