金吾财讯 | 招银国际研报指，预计1Q25百度(09888/BIDU)核心业务营收将达240亿元人民币，同比增长1%，较市场一致预期高3%，主因人工智能相关需求助推下云业务收入增长有望超预期。在云业务收入稳健增长的助力下，该行预计百度核心业务的non-GAAP运营利润为45亿元人民币，较市场一致预期高出1%。百度仍在积极推动业务转型，嵌入更多与生成式人工智能相关的搜索结果，以提升用户体验和活跃度。虽然此类搜索结果尚未开始货币化、短期内广告收入增长因竞争和业务转型仍会面临一些阻力，但该行预计潜在的货币化进程有望从二季度末开始，这应有助于推动广告收入增速和运营利润率进一步环比复苏。考虑到投资估值的变化，该行基于SOTP的目标价微调至146.7美元（前值：149.2美元），对应13.9x2025EPE（non-GAAP）。维持“买入”评级。
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.