金吾财讯 | 招银国际研报指，百度(09888)于公布4Q24业绩：百度核心业务收入为277亿元人民币，较市场一致预期高出3.5%；4Q24百度核心业务的non-GAAP营业利润达到46亿元人民币，比预期高出1%。在与人工智能相关的GPU云业务收入强劲增长、以及从GPU云到CPU云及其他云服务的交叉销售的推动下，云服务收入同比增长26%，大幅超出预期，该行认为云业务的增长趋势在2025年有望持续。由于广告业务调整的影响可能弱于预期，该行将2025年百度核心搜索广告业务收入的同比降幅预测从之前的1.3%收窄至0.7%（2024年为-2.8%）。
结合云服务收入预测的上调，该行将2025年的收入/非通用会计准则净利润预测分别上调1%/4%。该行将基于分部加总估值法得出的目标价上调3%至149.2美元。维持“买入”评级。
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