BIDU(09888) 东吴证券·2025-01-26 02:20Investment Rating - The investment rating for Baidu Group-SW is "Buy" (maintained) [1] Core Insights - Baidu's AI advancements are impressive, with the AI features of Baidu Wenku surpassing 90 million MAU in January, showing a year-on-year growth of 230% in DAU. The paid user base has exceeded 40 million, with a year-on-year growth rate of 60% [3] - The company's revenue for Q4 2024 is expected to be 33.2 billion yuan, a year-on-year decline of 5%, with core revenue projected at 26.8 billion yuan, down 3% year-on-year. Adjusted net profit is anticipated to reach 3.87 billion yuan [10] - The cloud business is expected to maintain rapid growth, driven by increasing demand for AI applications and the gradual recovery of the advertising business in 2025 [10][11] Financial Forecasts - Total revenue for Baidu Group is projected to be 132.2 billion yuan in 2024, with a slight decline of 1.78% year-on-year, and is expected to grow by 3.57% to 139.9 billion yuan by 2026 [1][14] - The adjusted net profit is forecasted to be 24.1 billion yuan in 2025, reflecting a growth of 1.82% from 2024 [1][14] - The Non-GAAP net profit for 2025 is expected to be 25.9 billion yuan, with a corresponding PE ratio of 8.2 times [11][14]