金吾财讯 | 招银国际表示，百度(09888/BIDU)公布4Q25业绩：百度综合业务收入为261亿元人民币，同比下降5.7%，与彭博一致预期相符；百度综合业务的非GAAP营业利润为28亿元人民币，同比下降39%，但超出一致预期12%。关于4Q25 AI驱动的业务发展：1）AI原生营销服务收入同比增长110%，达到27亿元人民币；2）AI云基础设施收入总计58亿元人民币，来自AI加速器基础设施的订阅收入同比增长143%；3）AI应用收入在2025年达到102亿元人民币，同比增长5%。该机构认为百度股价的主要驱动因素包括：1）整体广告收入增长的重新加速；2）强劲的云收入增长；3）股东回报水平提升。关于芯片业务部门分拆和独立上市的更多细节有望作为额外的催化剂。该机构将估值窗口滚动至2026年，将基于SOTP的目标价调整至161.7美元（前值：150.7美元）。维持买入评级。
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