金吾财讯 | 交银国际研报指，2025年4月25日，百度(09888)在武汉举办CreateAI开发者大会，正式发布文心大模型4.5Turbo和X1Turbo，具备多模态、强推理、低成本的特性，并展示了在智能体、数字人等AI应用领域的最新进展以及MCP生态支持计划。百度致力于通过应用实现大模型的技术落地，持续探索商业化路径，虽短期核心业绩或承压，但随着AI搜索改造成果显现和商业化进程推进将逐季改善，该行预计下半年广告业务或恢复同比正增长；云业务作为公司第二增长曲线，受益于GPU强劲需求拉动维持收入增长动能，预计1季度同比增23%。核心业务经调整经营利润1季度预计环比小幅改善，主要因收入结构变化和云业务利润改善。自动驾驶作为第三增长曲线，预计在2025年继续拓展。该行续指，公司现价对应2025年9.2倍市盈率，现金储备是市值50%，估值吸引，维持目标价111美元/107港元和买入评级。
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