BIDU(09888) 开源证券·2024-08-24 04:37Investment Rating - The investment rating for Baidu Group-SW is "Buy" (maintained) [2][5][11] Core Views - Short-term advertising growth is under pressure, but cost reduction and efficiency improvements are ongoing, leading to a controlled impact on profit margins. The non-GAAP net profit forecast for 2024-2026 has been revised down to 26.8 billion, 28.7 billion, and 31.9 billion CNY, reflecting year-on-year growth rates of -6.8%, 7.2%, and 10.9% respectively [5] - The current stock price of 82.2 HKD corresponds to a PE ratio of 8.2, 7.7, and 7.1 for 2024-2026, indicating potential valuation uplift driven by future contributions from generative AI to cloud revenue and the commercialization of autonomous driving [5] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 137.3 billion CNY, with a year-on-year growth of 2.0%. Non-GAAP net profit is expected to be 26.8 billion CNY, reflecting a year-on-year decline of 6.8% [8] - Gross margin is forecasted to be 50.7% in 2024, with net margin at 19.5% and ROE at 10.9% [8] - The diluted EPS for 2024 is estimated at 9.3 CNY, with a P/E ratio of 8.2 [8]