大和发表报告指，百度-SW(09888.HK) 第二季核心营运利润超出市场预期9%。线上营销收入按年下降15%，而非线上营销收入按年增长34%至100亿元人民币，主要受AI云业务推动。Apollo Go近期与Uber和Lyft建立战略合作伙伴关系，扩大了其在亚洲、中东和欧洲的无人驾驶出租车业务版图。
报告指，百度AI云业务收入增长放缓但保持稳健。未来，管理层目标是保持云业务增长速度领先于同行，并将云业务对百度核心的收入贡献提升至30%以上，同时努力降低企业云项目导致的收入波动。
大和预计，百度第三季核心营销收入按年下降24%，较第二季的15%跌幅进一步扩大，导致第三季百度核心营运利润降至21亿元人民币，为过去六年最低。
由于百度下半年广告收入可能低于预期，该行将2025-2026年的每股盈利预测下调1-3%。维持“跑赢大市”评级，目标价从93元小幅下调至92元。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-22 12:25。)
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