金吾财讯 | 交银国际更新了百度(09888)财务预测，利润端亦或受广告不确定影响有所下降。一直以来广告业务运营利润率高于其他业务。广告收入的负面影响加大模型投入、AI搜索带来的额外算力成本及结构性利润压力，该机构预计2季度百度核心业务营运利润率或降至14.8%（原约18%），2025年营运利润率或较前预测降1.4ppts至17.8%。
基于SOTP，按百度云2025年3倍市销率，搜索广告业务8倍市盈率，维持目标价99美元/96港元，广告对公司收入贡献已降至60%左右，云及自动驾驶站位仍领先，并有机会扭转公司估值逻辑，建议关注云收入增长的持续性及Robotaxi全球化推广进程，维持买入评级。
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