招商证券(香港)维持百度"买入"评级 目标价148.4美元

格隆汇
Oct 16, 2025

招商证券(香港)维持百度(BIDU.US)买入评级,目标价148.4美元:预计3Q25核心广告收入承压,同比降7%,但云业务收入增20%支撑整体表现。非GAAP运营利润21亿人民币,符合预期。AI驱动云增长及新广告形式(如智能体、数字人)逐步放量,现金储备雄厚,潜在股东回报优化提供估值上行空间。

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