金吾财讯 | 交银国际研报指，2025年2季度百度(09888)核心收入同比降2%，调整后经营利润/利润率同比降37%/10个百分点。广告收入同比降15%，仍受AI搜索改造对变现产生负面影响；智能云收入同比增27%，得益于全栈AI能力提升和端到端AI产品解决方案需求拉动。展望未来，按该机构此前预期，生成式搜索内容占比持续提升（3季度预计80%+）将影响百度搜索广告露出，预计广告收入在3-4季度同比仍承压，降幅分别为25%/15%，高于此前预期，预计2025全年广告收入同比降16%。预计全年云收入增速25%，下半年或受项目制服务确收影响，增速略低于上半年，该机构仍看好大模型加速迭代下的长期AI产品包括Robotaxi在内的商业化机会。对应2026年市盈率，该机构维持传统搜索广告业务8倍市盈率，AI及云业务3倍市销率，维持目标价至99美元/96港元。AI及云业务价值仍被低估，百度价值仍有扭转机会，维持买入评级。
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