AI赋能初体现，大模型带来增量收入

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of a price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 350 billion yuan for Q4 2023, a year-on-year increase of 6%, and a total revenue of 1,346 billion yuan for the year, up 9% from the previous year [2]. - Non-GAAP net profit for Q4 2023 was 78 billion yuan, reflecting a 44% increase year-on-year, while the annual Non-GAAP net profit reached 287 billion yuan, up 39% [2]. - The core business showed stable growth in online marketing and a recovery in cloud business revenue, with Q4 core revenue reaching 275 billion yuan, a 7% increase year-on-year [2]. - The AI capabilities are beginning to generate incremental revenue, with the large model contributing approximately 6.56 billion yuan to cloud business revenue in Q4 2023 [2]. - The autonomous driving service "Luobo Kuaipao" saw a significant increase in order volume, reaching 839,000 orders in Q4 2023, a 49% year-on-year growth [2]. Financial Summary - The company expects revenues of 1,459 billion yuan, 1,590 billion yuan, and 1,718 billion yuan for 2024, 2025, and 2026 respectively, with Non-GAAP net profits projected at 282 billion yuan, 305 billion yuan, and 350 billion yuan for the same years [3][6]. - The current stock price corresponds to a Non-GAAP PE of 8.98, 8.30, and 7.24 for 2024, 2025, and 2026 respectively [3][6]. - The company’s revenue growth rate is projected to be 8.41% for 2024, 8.99% for 2025, and 8.03% for 2026 [6][7].