智通财经APP获悉，瑞银发布研报称，预期百度集团-SW(09888)2025年第一季业绩将符合市场预期，核心收入将同比大致持平。该行微幅上调2025年第一季及全年核心云业务收入增速至22%及18.6%。该行维持百度“买入”评级，美股目标价由115美元上调至123美元，港股目标价120港元。
该行维持对核心广告收入逐季改善的判断，预计该业务下半年将转为正增长。云业务则受益于模型即服务(MaaS)需求攀升，此趋势同时带动传统云基础设施业务的交叉销售，支撑云收入在2025年第一季维持20%的强劲增速，同时该动能有望贯穿全年。考量其AI驱动的搜索产品升级潜力与云业务强劲势头，该行认为百度目前估值具吸引力。
该行指出，百度自动驾驶业务Apollo Go亦取得进展，由于国内外车队规模扩张、Apollo RT6车型渗透率提升，以及高毛利地区的服务拓展，该行预计公司全年利润率有望持稳于22.2%，主因广告复苏与Robotaxi业务。
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