传媒/数字媒体 公 司 百度集团-SW（09888.HK）2023Q4 利润超预期，广告增速受制宏观环境 研 究 2024年03月01日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 荀月（联系人） wuliuyan@kysec.cn xunyue@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122100036 日期 2024/2/29 港 当前股价(港元) 99.550  广告受宏观因素扰动，AI投入确认对利润率影响可控，维持“买入”评级 股 一年最高最低(港元) 159.00/94.300 考虑到百度核心及爱奇艺运营效率及盈利能力持续提升，我们上调公司 公 司 总市值(亿港元) 2,833.38 2024/2025年non-GAAP净利润预测至281/316亿元（前值:276/313亿元），新增 信 流通市值(亿港元) 2,784.19 2026年non-GAAP净利润预测341亿元，对应同比增速-2.2%/12.5%/7.9%，对应 息 更 总股本(亿股) 28.46 调整后摊薄 EPS 9.7/10.8/11.5 元，当前股价 99.55HK ...

2024年02月29日 百度集团-SW 买入（维持评级） （09888.HK） 港股公司点评 证券研究报告 传 媒与互联网组 AI 赋能初体现，大模型带来增量收入 分析师：陈泽敏（执业S1130524020004） 业绩简评 chenzemin＠gjzq.com.cn 2024 年 2 月 28 日，公司披露 2023 年四季度及全年业绩公告， 分析师：许孟婕（执业S1130522080003） 2023Q4 公司实现收入 350 亿元，同比增长 6%，2023 年收入 1346 x umengjie＠gjzq.com.cn 亿元，同比增长9%，2023Q4 Non-GAAP归母净利润78亿元，同比 增长44%，2023年Non-GAAP归母净利润287亿元，同比增长39%。 市 价（港币）：106.600元 经营分析 百度核心：收入符合预期，在线营销保持稳健增长，云业务收入增 相关报告： 速回暖。2023Q4百度核心收入达到275亿元，同比增长7%，Non- 1.《百度集团-SW港股公司点评：业绩超预期，AI原生应 GAAP归属于百度核心的净利润75亿元，同比增长44%，GAAP归属 用快速增长》，2023 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈本公司股東大會投票的所有事宜，A類 普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者務請留意投資不同投票權架 構公司的潛在風險。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達克上市，股份代碼為 BIDU 。 Baidu, Inc. 百度集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9888（港幣櫃台）及89888（人民幣櫃台）） 2023 年 第 四 季 度 及 全 年 業 績 公 告 我們謹此公佈截至2023年12月31日止三個月及全年的未經審計業績（「2023年第四季 度及2023財年財務業績」）。2023年第四季度及2023財年財務業績可於香港聯交所網 站 www.hkexnews.hk 及我們的網站 http://ir.baidu.com 查閱。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈本公司股東大會投票的所有事宜，A類 普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者務請留意投資不同投票權架 構公司的潛在風險。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達克上市，股份代碼為 BIDU 。 Baidu, Inc. 百度集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9888（港幣櫃台）及89888（人民幣櫃台）） 2023 年 第 四 季 度 及 全 年 業 績 公 告 我們謹此公佈截至2023年12月31日止三個月及全年的未經審計業績（「2023年第四季 度及2023財年財務業績」）。2023年第四季度及2023財年財務業績可於香港聯交所網 站 www.hkexnews.hk 及我們的網站 http://ir.baidu.com 查閱。 ...

2024年2月26日 公司研究 AI 商业化推进，广告、云、文心 APP 多方位创造增量 ——百度集团-SW（9888.HK）2023 年四季度业绩前瞻 要点 买入（维持） 当前价/目标价：109.9/165.0港元 事件：2023年四季度业绩前瞻：我们预计百度集团4Q23总收入同比增长5.1% 至347.5亿元（低于我们上次预期的354.1亿），百度核心总收入同比增长 5.4%至270.3亿元（小幅低于我们上次预期的273.2亿）。我们预计百度集 作者 团4Q23核心非GAAP下经营利润58.1亿，同比增5.9%，对应经营利润率 分析师：付天姿 21.5%；百度集团4Q23非GAAP下净利润65亿，对应净利率18.7%。 执业证书编号：S0930517040002 点评：广告收入表现预计稳定，AI Native营销平台轻舸创造增量。我们预计 021-52523692 4Q23百度核心的在线营销收入同比增长4.9%至190亿元，绝对值恢复至接 futz@ebscn.com 近4Q21水平。1）平台端：9M23上线的AI营销平台轻舸通过洞察、分析、 联系人：赵越 制作等AI能力，帮助广告主在投放广告过程中实现转 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈本公司股東大會投票的所有事宜，A類 普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者務請留意投資不同投票權架 構公司的潛在風險。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達克上市，股份代碼為 BIDU 。 Baidu, Inc. 百度集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9888（港元櫃台）及89888（人民幣櫃台）） 2023 年 第 三 季 度 業 績 公 告 及 委 任 獨 立 董 事 2023年第三季度業績 我們謹此公佈截至2023年9月30日止三個月的未經審計業績（「2023年第三季度業績」）。 2023年第三季度業績可於香港聯交所網站 www.hkexnews.hk 及我們的網站 http://ir.baidu.com 查閱。 委任獨 ...

Revenue and Profit Growth - Total revenue for Q2 2023 reached RMB 34.056 billion, a 15% year-over-year increase and a 9% quarter-over-quarter increase[3] - Baidu's total revenue for Q2 2023 reached RMB 34.1 billion (USD 4.7 billion), a 15% year-over-year increase[6] - Total revenue for Q2 2023 reached RMB 34.056 billion (USD 4.697 billion), a 14.9% increase compared to RMB 29.647 billion in Q2 2022[13] - Baidu's total revenue for Q2 2023 reached RMB 34,056 million, a 15% year-over-year increase[17] - Operating profit (non-GAAP) for Q2 2023 was RMB 7.334 billion, up 34% year-over-year and 14% quarter-over-quarter[3] - Baidu's operating profit for Q2 2023 was RMB 5.2 billion (USD 718 million), with Baidu Core operating profit margin at 17%[7] - Operating profit for Q2 2023 was RMB 5.210 billion (USD 718 million), a 53.2% increase from RMB 3.400 billion in Q2 2022[13] - Baidu's operating profit for Q2 2023 was RMB 5,210 million, a 53% year-over-year increase[17] - Baidu's operating profit margin improved to 15% in Q2 2023, up from 11% in the same period last year[17] - Baidu Core's non-GAAP operating profit for Q2 2023 was RMB 6,516 million, a 27% increase year-over-year and a 21% increase quarter-over-quarter[18] - Baidu's core business operating profit for Q2 2023 was RMB 4,568 million, a 40.7% increase from RMB 3,246 million in Q2 2022[20] Baidu Core Performance - Baidu Core's non-GAAP operating profit margin increased to 25% in Q2 2023, up from 22% in the same period last year and 23% in the previous quarter[2] - Baidu Core generated net cash from operating activities of approximately RMB 9.7 billion in Q2 2023[2] - Baidu Core revenue grew 14% year-over-year to RMB 26.4 billion (USD 3.64 billion), with online marketing revenue increasing 15% to RMB 19.6 billion (USD 2.71 billion)[6] - Baidu Core revenue grew by 14% year-over-year to RMB 26,407 million in Q2 2023[17] - Baidu Core's non-GAAP net income attributable to Baidu for Q2 2023 was RMB 7,694 million, up 41% year-over-year and 46% quarter-over-quarter[18] - Adjusted EBITDA for Baidu Core in Q2 2023 was RMB 8,229 million, a 25% increase year-over-year and an 18% increase quarter-over-quarter[18] - Baidu Core's non-GAAP operating profit margin for Q2 2023 was 25%, up from 22% in the same period last year[18] - Baidu Core's non-GAAP net profit margin for Q2 2023 was 29%, compared to 24% in Q2 2022[18] - Adjusted EBITDA margin for Baidu Core in Q2 2023 was 31%, up from 28% in Q2 2022[18] - Adjusted EBITDA for Baidu's core business in Q2 2023 reached RMB 8,229 million, up 24.7% from RMB 6,597 million in Q2 2022[20] - Baidu's non-GAAP net income attributable to Baidu for Q2 2023 was RMB 7,694 million, a 41.2% increase from RMB 5,449 million in Q2 2022[20] iQIYI Performance - iQIYI's revenue increased 17% year-over-year to RMB 7.8 billion (USD 1.08 billion) in Q2 2023[6] - iQIYI's average daily total subscribing members were 111.2 million in Q2 2023, compared to 98.3 million in Q2 2022 and 128.9 million in Q1 2023[6] - iQiyi's revenue increased by 17% year-over-year to RMB 7,802 million in Q2 2023[17] - iQiyi's operating profit surged by 384% year-over-year to RMB 610 million in Q2 2023[17] - iQIYI's operating profit for Q2 2023 was RMB 610 million, a 384.1% increase from RMB 126 million in Q2 2022[20] - iQIYI's adjusted EBITDA for Q2 2023 was RMB 855 million, a 99.3% increase from RMB 429 million in Q2 2022[20] Autonomous Driving and AI - Baidu's autonomous driving service, Apollo Go, provided approximately 714,000 rides in Q2 2023, a 149% year-over-year increase[5] - Cumulative rides provided by Apollo Go reached 3.3 million as of June 30, 2023[5] - Baidu's open-source deep learning framework, PaddlePaddle, grew to 8 million developers by mid-August 2023[5] - Baidu's ERNIE 3.5, the latest foundation model for its conversational AI, received widespread recognition from cloud customers, AI developers, and industry experts[4] - Baidu's autonomous driving service, Apollo Go, has been approved to operate without a driver or safety operator in four cities, including Beijing, Shenzhen, Wuhan, and Chongqing[6] Financial Metrics and Liquidity - Adjusted EBITDA for Q2 2023 was RMB 9.116 billion, a 29% year-over-year increase and a 12% quarter-over-quarter increase[3] - Non-GAAP net income attributable to Baidu was RMB 8.0 billion (USD 1.1 billion), with a non-GAAP net income margin of 29% for Baidu Core[7] - Adjusted EBITDA for Baidu Core was RMB 8.2 billion (USD 1.14 billion), with an adjusted EBITDA margin of 31%[7] - Baidu's cash, cash equivalents, restricted cash, and short-term investments totaled RMB 201.5 billion (USD 27.79 billion) as of June 30, 2023[7] - Net income attributable to Baidu for Q2 2023 was RMB 5.210 billion (USD 718 million), up 43.2% from RMB 3.637 billion in Q2 2022[13] - Adjusted EBITDA for Q2 2023 was not explicitly stated but is calculated by excluding depreciation, amortization, and stock-based compensation from operating profit[12] - Non-GAAP operating profit excludes stock-based compensation, amortization, and impairment of intangible assets from business combinations[11] - Non-GAAP net income attributable to Baidu excludes items such as stock-based compensation, amortization, impairment, disposal gains/losses, and long-term investment valuation changes[11] - Free cash flow is one of the non-GAAP financial metrics used by Baidu to assess liquidity and performance[11] - Net cash provided by operating activities for Baidu Group (excluding iQiyi) in Q2 2023 was RMB 9,746 million, a significant increase from RMB 4,838 million in Q1 2023[19] - Free cash flow for Baidu Group (excluding iQiyi) in Q2 2023 was RMB 7,053 million, nearly double the RMB 3,543 million in Q1 2023[19] - Baidu Group's total cash, cash equivalents, and restricted cash at the end of Q2 2023 was RMB 54,896 million, up from RMB 36,020 million at the end of Q1 2023[19] - Baidu's diluted non-GAAP earnings per ADS for Q2 2023 were RMB 22.55, a 42.8% increase from RMB 15.79 in Q2 2022[21] Expenses and Costs - Sales and marketing expenses increased to RMB 6.298 billion (USD 869 million) in Q2 2023, up 31.6% from RMB 4.784 billion in Q2 2022[13] - R&D expenses for Q2 2023 were RMB 6.381 billion (USD 880 million), a 1.4% increase from RMB 6.292 billion in Q2 2022[13] - Baidu's R&D expenses increased by 1% year-over-year to RMB 6,381 million in Q2 2023[17] - Baidu's sales and marketing expenses grew by 34% year-over-year to RMB 6,298 million in Q2 2023[17] - Baidu's cost of revenue increased by 7% year-over-year to RMB 16,167 million in Q2 2023[17] - Share-based compensation expenses for Baidu's core business in Q2 2023 were RMB 1,874 million, a 3.0% increase from RMB 1,819 million in Q2 2022[20] - Baidu's core business depreciation and amortization expenses for Q2 2023 were RMB 1,713 million, a 16.1% increase from RMB 1,476 million in Q2 2022[20] - Baidu's core business intangible assets amortization and impairment for Q2 2023 were RMB 74 million, a 32.1% increase from RMB 56 million in Q2 2022[20] - The company's long-term investment impairment for Q2 2023 was RMB 270 million, a 21.6% increase from RMB 222 million in Q2 2022[20] - Sales cost under US GAAP was RMB 30,717 million, adjusted to RMB 30,608 million under IFRS, reflecting a decrease of RMB 109 million[27] - Sales and administrative expenses under US GAAP were RMB 9,440 million, adjusted to RMB 9,406 million under IFRS, reflecting a decrease of RMB 34 million[27] - R&D expenses under US GAAP were RMB 11,900 million, adjusted to RMB 11,604 million under IFRS, reflecting a decrease of RMB 296 million[27] - Sales cost under US GAAP for the six months ended June 30, 2023, was RMB 31,319 million, adjusted to RMB 31,169 million under IFRS, reflecting a decrease of RMB 150 million[28] - Sales and administrative expenses under US GAAP for the six months ended June 30, 2023, were RMB 11,887 million, adjusted to RMB 11,791 million under IFRS, reflecting a decrease of RMB 96 million[28] - R&D expenses under US GAAP for the six months ended June 30, 2023, were RMB 11,804 million, adjusted to RMB 11,356 million under IFRS, reflecting a decrease of RMB 448 million[28] Balance Sheet and Investments - Total equity increased from RMB 229,412 million at the end of 2022 to RMB 244,366 million at the end of Q2 2023, a 6.5% increase[16] - Total assets grew from RMB 390,973 million at the end of 2022 to RMB 406,322 million at the end of Q2 2023, a 3.9% increase[15] - Total liabilities decreased slightly from RMB 153,168 million at the end of 2022 to RMB 152,868 million at the end of Q2 2023, a 0.2% decrease[16] - Cash and cash equivalents decreased from RMB 53,156 million at the end of 2022 to RMB 42,060 million at the end of Q2 2023, a 20.9% decrease[15] - Short-term investments increased from RMB 120,839 million at the end of 2022 to RMB 148,095 million at the end of Q2 2023, a 22.5% increase[15] - Total R&D expenses for the six months ending June 30, 2023, were RMB 2,231 million, a 5.3% decrease compared to RMB 2,357 million in the same period in 2022[14] - Total equity incentive expenses for the six months ending June 30, 2023, were RMB 3,432 million, a 2.6% increase compared to RMB 3,344 million in the same period in 2022[14] - Total current assets increased from RMB 212,850 million at the end of 2022 to RMB 228,774 million at the end of Q2 2023, a 7.5% increase[15] - Short-term investments increased from RMB 120,839 million to RMB 148,095 million, reflecting a growth of 22.5%[29][30] - Long-term investments decreased slightly from RMB 55,297 million to RMB 53,153 million, a reduction of 3.9%[29][30] - Total assets grew from RMB 390,973 million to RMB 406,322 million, an increase of 3.9%[29][30] - Total liabilities increased from RMB 153,168 million to RMB 152,868 million, showing a marginal decrease of 0.2%[29][30] - Total equity rose from RMB 229,412 million to RMB 244,366 million, an increase of 6.5%[29][30] - Deferred tax assets decreased from RMB 2,129 million to RMB 1,906 million, a reduction of 10.5%[29][30] - Operating lease right-of-use assets increased from RMB 10,365 million to RMB 10,446 million, a growth of 0.8%[29][30] - Convertible preferred notes decreased from RMB 17,873 million to RMB 11,470 million, a reduction of 35.8%[29][30] - Non-controlling interests increased from RMB 5,934 million to RMB 8,723 million, a growth of 47%[29][30] - Debt securities investments are classified and measured based on the entity's investment intent under US GAAP, with different classifications for HTM, trading securities, and available-for-sale securities[31] - The company holds equity method investments, and the financial statements of the investees are adjusted from US GAAP to IFRS to align with the company's accounting policies[33] - Operating leases under US GAAP are classified as either finance leases or operating leases, with lease liabilities measured based on the present value of remaining lease payments[34] - Redeemable preferred shares are classified as redeemable non-controlling interests under US GAAP and measured at fair value less issuance costs[35] - Equity incentive expenses are recognized using the straight-line method for all granted equity incentives without performance conditions under US GAAP[36] - Convertible senior notes are measured at amortized cost under US GAAP, with any difference between the initial carrying amount and the repayment amount recognized as interest expense using the effective interest method[37] Earnings Per Share - Basic earnings per ADS increased from RMB 10.06 in Q2 2022 to RMB 14.34 in Q2 2023, a 42.5% increase[14] - Diluted earnings per ADS rose from RMB 9.97 in Q2 2022 to RMB 14.17 in Q2 2023, a 42.1% increase[14] - Baidu's diluted non-GAAP earnings per ADS for Q2 2023 were RMB 22.55, a 42.8% increase from RMB 15.79 in Q2 2022[21] US GAAP vs. IFRS Adjustments - Sales cost under US GAAP was RMB 30,717 million, adjusted to RMB 30,608 million under IFRS, reflecting a decrease of RMB 109 million[27] - Sales and administrative expenses under US GAAP were RMB 9,440 million, adjusted to RMB 9,406 million under IFRS, reflecting a decrease of RMB 34 million[27] - R&D expenses under US GAAP were RMB 11,900 million, adjusted to RMB 11,604 million under IFRS, reflecting a decrease of RMB 296 million[27] - Interest income under US GAAP was RMB 2,979 million, adjusted to RMB 1,878 million under IFRS, reflecting a decrease of RMB 1,101 million[27] - Net profit attributable to Baidu, Inc. under US GAAP was RMB 2,752 million, adjusted to RMB 1,854 million under IFRS, reflecting a decrease of RMB 898 million[27] - Sales cost under US GAAP for the six months ended June 30, 2023, was RMB 31,319 million, adjusted to RMB 31,169 million under IFRS, reflecting a decrease of RMB 150 million[28] - Sales and administrative expenses under US GAAP for the six months ended June 30, 2023, were RMB 11,887 million, adjusted to RMB 11,791 million under IFRS, reflecting a decrease of RMB 96 million[28] - R&D expenses under US GAAP for the six months ended June 30, 2023, were RMB 11,804 million, adjusted to RMB 11,356 million under IFRS, reflecting a decrease of RMB 448 million[28] - Net profit attributable to Baidu, Inc. under US GAAP for the six months ended June 30, 2023, was RMB 11,035 million, adjusted to RMB 8,509 million under IFRS, reflecting a decrease of RMB 2,526 million[28]

[5 -> 13] Hello and thank you for standing by for Baidu's first quarter 2023 earnings conference call. [13 -> 17] At this time, all participants are in listen-only mode. [17 -> 22] After the management prepared remarks, there will be a question and answer session. [22 -> 25] Today's conference is being recorded. [25 -> 29] If you have any objections, you may disconnect at this time. [29 -> 34] I would now like to turn the meeting over to your host for today's conference, Juan [34 -> 37] Chen, Baidu's Direct ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈本公司股東大會投票的所有事宜，A類 普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者務請留意投資不同投票權架 構公司的潛在風險。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達克上市，股份代碼為 BIDU。 Baidu, Inc. 百度集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9888） 2023 年 第 一 季 度 業 績 公 告 我 們 謹 此 公 告 截 至2023年3月31日 止 三 個 月 的 未 經 審 核 業 績（「2023年 第 一 季 度 業 績」）。2023 年 第 一 季 度 業 績 在 香 港 聯 交 所 網 址( www.hkexnews.hk )及 我 們 的 網 址 ( http://ir.baidu.com )可供查閱。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈本公司股東大會投票的所有事宜，A類 普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者務請留意投資不同投票權架 構公司的潛在風險。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達克上市，股份代碼為 BIDU。 Baidu, Inc. 百度集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9888） 2022 年 度 報 告 我們欣然發佈我們截至2022年12月31日止財政年度的年報，當中載有我們於本報告期間的經審計全年業績。本文 件乃根據《香港聯合交易所有限公司證券上市規則》第13.46(2)條作為我們的年度報告提供予我們的股東。本文件在 香港聯交所網站( http://www.hkexnews.hk )及我們的網站( http://ir.bai ...