百度集团-SW25Q4业绩点评:AI全面发力,云、模型与应用协同提速

国泰海通证券
Mar 06

本报告导读:业绩短期承压但好于预期,盈利能力边际趋稳;AI云与大模型双轮驱动增长;应用端与自动驾驶打开长期空间。投资要点:盈利预测与投资建议:26-28年收入预测为1359/1450/1557亿元(2026/2027年前值1373/1480亿元),经调整净利润为195/219/268亿元(2026/2027年前值为227/307亿元)。基于汇率1港币=0.88元人民币及SOTP估值法,调整百度集团...

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