金吾财讯 | 交银国际发研报指，百度(09888)核心收入同比微增1%。受一次性亏损计入影响，调整后经营利润/利润率同比下降25%/6个百分点。广告收入同比降7%，受AI搜索改造及中小广告主投放谨慎影响。智能云收入同比增26%，大幅超预期，得益于生成式AI和大模型强劲需求拉动。该行预计百度核心广告业务收入表现将在2025年逐季改善，随着AI搜索改造成果逐渐显现，商业化进程也将提速，预计下半年广告收入同比恢复正增长。DeepSeek技术的突破，利好云服务厂商底层IaaS以及MaaS的需求，预计2025年收入增速将维持4季度趋势，全年实现20%收入增长（好于2024年的16%，和此前预期的13%）。预计2025年，百度核心业务收入增4%至1092亿元，广告收入与2024年持平。受市场对云服务厂商的价值重估，该行按百度云2025年2倍市销率（原为1倍），维持搜索业务10倍市盈率，上调目标价至111美元/107港元，该行维持此前AI云作为第二增长曲线价值显现、自动驾驶为第三增长曲线的观点，维持买入。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.