尽管持续进行的产品AI改造或给百度核心的广告收入增长继续带来负向阻力,但通过AI功能的不断迭代与融合,百度APP的用户增长正在展现企稳改善的初步迹象,这在我们看来是未来百度实现AI商业化的首要前提,也有助于投资人强化对其广告收入增速逐步恢复正增长的信心。公司当前2025/2026/2027年交易调整后PE倍数为7.5/6.7/6.3x(港股),截至4Q24末公司在手净现金1705亿元,约相当于其...
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