BIDU(09888) 市值风云·2024-11-22 10:27Investment Rating - The report indicates a positive investment outlook for Baidu, highlighting strong quarterly performance and growth in AI applications. Core Insights - Baidu's Q3 2024 revenue reached 33.6 billion yuan, with core revenue at 26.5 billion yuan and a core net profit of 7.54 billion yuan, reflecting a year-on-year growth of 17%, surpassing market expectations [1] - The daily call volume of Baidu's Wenxin large model has surged to 1.5 billion, a nearly 30-fold increase from 50 million calls reported in Q4 of the previous year [2][7] - Baidu plans to launch a new version of the Wenxin large model in early 2025 [3][4] Summary by Sections Financial Performance - In Q3 2024, Baidu's intelligent cloud revenue reached 4.9 billion yuan, marking an 11% year-on-year increase, with AI-related revenue exceeding 11% of total revenue [11] - The user base for Wenxin Yiyan has grown to 430 million, a more than 500% increase within a year [9] AI Strategy and Applications - Baidu has established a long-term strategy driven by AI, focusing on application-driven development to enhance usability and effectiveness of AI models [8] - The introduction of the no-code development tool "Miao Da" allows users to build systems through natural language interaction, attracting over 5,000 enterprises for testing [12][13] Market Position and Ecosystem - Baidu's intelligent cloud holds a 26.4% market share in China's AI public cloud service market, maintaining the top position for five consecutive years [11] - The integration of AI capabilities into Baidu's products, such as Baidu Wenku, has led to a 300% year-on-year increase in monthly active users for AI features [16]