交银国际研究 公司更新 | --- | --- | --- | |------------|--------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 美元 85.79 | 美元 119.00↓ | +38.7% | 百度 (BIDU US) AI 对全产品线改造持续，规模变现尚未开启 2024 年 2 季度业绩：收入 339 亿元（人民币，下同），同比基本持平，与 我们/彭博市场预期基本一致。调整后净利润 74 亿元，对应净利率 22%， 超我们/彭博预期 14%/11%，得益于持续降本增效策略及战略资源分配。 百度核心业绩要点：收入 267 亿元，同比增 1%，调整后经营利润增 8%， 对应利润率 26% ，同比提升约 2 个百分点。 1）广告收入同比降 2%，中小 广告主要受线下恢复影响投放谨慎，房地产、招商及汽车等行业仍较为疲 软。2）智能云收入同比增长加速至 14%，得益于生成式 AI 和大模型增量 拉动以及向 GPU 云客户交叉销售 CPU 云服务，运营利润持续为正。3）萝 卜快跑单量 89.9 万，同比增 26%。6 月 19 日在武汉几乎实现 100%全 ...

The Chinese tech giant still faces tough macro and competitive headwinds that will affect the investment thesis for the stock.Baidu (BIDU 0.61%) posted its second-quarter earnings report on Aug. 22. The Chinese tech giant's revenue stayed nearly flat at 33.93 billion yuan ($4.67 billion) and missed analysts' expectations by $70 million. Its adjusted earnings per American depositary share (ADS) dropped 7% to $2.89 but still exceeded the consensus forecast by $0.29.Baidu's stock price slipped after that mixed ...

Goldman Sachs analyst Lincoln Kong maintained a Buy rating on Baidu, Inc BIDU with a price target of $129.Kong rerated the stock after hosting an NDR meeting with Baidu’s head of investor relations on August 23.The analyst flagged near-term ad revenue growth as being under pressure due to the ongoing artificial intelligence search renovation initiatives for a better user experience.The AI-cloud revenue is accelerating, with Artificial Intelligence Global Company (AIGC) related contributions taking up a larg ...

Yongyuan Dai I am selling my Baidu (NASDAQ:BIDU) (OTC:BAIDF) shares following the company's Q2 earnings print. Although Baidu delivered a solid quarter during the 3 months ending June, I am increasingly doubtful about management's ability, or willingness, to deliver shareholder value. In fact, in an analysis that I share in this research note, I highlight that Baidu is paying out (approx. $1 billion) less than 35% of its earnings to shareholders, compared to 115% for Alibaba (BABA). Moreover, considering di ...

fazon1 Over the course of the second quarter (Q2) of the calendar year, a number of institutional investors - with Scion Asset Management run by Michael Burry of "The Big Short" fame finding particular mention in the media - loaded up on shares of China search giant Baidu, Inc. (NASDAQ:BIDU) as it floundered. The stock has notably not been doing well over the course of the Year Till Date (YTD), and its Q2 earnings were decidedly mixed: while revenue did drop on a quarter-on-quarter basis by 0.4%, it deliver ...

Recently, investors have had the chance to gain insight into the portfolios of Wall Street’s mega investors, from Warren Buffett and his multi-billion dollar positions and portfolio shifts to Michael Burry and his not-so-contrarian value investments. Michael Burry directly goes against popular culture and opinion by allocating some of his capital to Chinese stocks.Valuations have been kept compressed for China’s stock market, as geopolitical risks and fears of investing in overseas markets have caused inves ...

Robin Li, chairman and CEO of Baidu, speaks at the opening ceremony of the 2021 World Artificial Intelligence Conference in Shanghai in July 2021.Wu Jun/VCG via Getty ImagesChinese search giant Baidu’s core advertising business shrank in the second quarter, a trend that analysts say may continue for the rest of this year amid China’s sluggish economic recovery and the company’s struggle to monetize its own artificial intelligence technologies.Shares of the dual-listed firm plunged as much as 7% in Hong Kong ...

Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles.BEIJING — Chinese tech company Baidu is reporting slower growth in its Apollo Go robotaxi rides than in prior quarters.Figures Baidu reported Thursday showed the number of robotaxi rides operated publicly grew by 26% year-on-year in the first half of the year to a monthly average of 287,500 rides, according to CNBC calculations.That's down sharply from year-on-year growth of 184% in the first ...

Investment Rating - The report maintains a BUY rating for Baidu with a target price of US$180.50, down from the previous target of US$183.00, indicating an upside potential of 101.1% from the current price of US$89.74 [3]. Core Insights - Baidu's 2Q24 revenue was RMB33.9 billion, a slight decline of 0.4% year-over-year, aligning with Bloomberg consensus. Non-GAAP net income was RMB7.4 billion, exceeding consensus by 9% due to effective control over sales and marketing expenses [2]. - The company is focusing on enhancing user experience through Gen-AI generated results, prioritizing this over short-term monetization, which may temporarily hinder ad revenue growth but is expected to improve long-term monetization prospects [2][10]. - Non-ad revenue grew by 10% year-over-year to RMB7.5 billion, now accounting for 28.2% of Baidu Core revenue, driven by AI-related GPU cloud revenue and cross-selling of CPU cloud services [2]. Financial Performance - In 2Q24, Baidu Core's online ads revenue was RMB19.2 billion, down 2.2% year-over-year, but slightly better than consensus expectations. The company anticipates a further decline in ad revenue growth in the near term, projecting a 3.4% year-over-year decline to RMB19.0 billion in 3Q24E [2][7]. - Baidu Core's gross profit margin (GPM) was 59.4% in 2Q24, down 1.1 percentage points year-over-year, while non-GAAP operating profit margin (OPM) improved to 26.1%, exceeding consensus by 1.4 percentage points due to stringent cost control [2][7]. Valuation and Forecast - The SOTP-based target price of US$180.5 reflects a valuation of US$71.6 for Baidu Core, US$1.8 for Apollo ASD, US$32.2 for Baidu Cloud, and US$64.1 in net cash. The valuation for iQIYI and other investments is set at US$10.8 [10][11]. - Revenue forecasts for FY24E, FY25E, and FY26E are RMB135.8 billion, RMB146.9 billion, and RMB157.9 billion respectively, with adjusted net profit estimates of RMB27.96 billion, RMB28.72 billion, and RMB31.94 billion [6][9].

The company posted fairly unexciting and not particularly inspiring second-quarter results.Flat top-line quarterly growth and operating in a relatively sluggish economy put the hurt on Baidu (BIDU -4.40%) stock Thursday. The veteran Chinese tech company's American depositary shares (ADSs) declined by more than 4% following its latest quarterly earnings hitting the news feeds. By comparison, the S&P 500 index fell by a relatively light 0.9% on the day.Top- and bottom-line declines in the second quarterFor it ...