营收利润稳步增长，关注AI技术对业务的重塑

Investment Rating - The investment rating for Baidu Group-SW (09888.HK) is "Buy" [1][3]. Core Insights - Baidu Group achieved a total revenue of 35 billion yuan in Q4 2023, representing a year-on-year growth of 6%. The adjusted net profit attributable to shareholders was 7.8 billion yuan, up 40% year-on-year, with an adjusted net profit margin of 22% [1][5]. - The core revenue of Baidu grew by 7% year-on-year, while iQIYI's revenue increased by 2% [1][5]. - The online marketing revenue for Baidu's core business was 19.2 billion yuan, also reflecting a 6% year-on-year growth, driven by vertical industries such as travel and healthcare [1][12]. - The AI technology is expected to significantly reshape Baidu's advertising system, with the Wenxin large model projected to contribute billions in incremental revenue in 2024 [1][12][22]. - Baidu's intelligent cloud business maintained double-digit growth, with AI contributing 4.8% to the total revenue of the intelligent cloud segment [1][18]. Financial Performance and Forecast - For 2023, Baidu's total revenue is projected to be 134.6 billion yuan, with an 8.8% increase from the previous year. The adjusted net profit is expected to reach 28.7 billion yuan, marking a 39% increase [4][25]. - The adjusted EPS for 2024 is estimated at 10.73 yuan, with a projected revenue of 143.8 billion yuan [4][25]. - The company anticipates achieving an adjusted net profit of 30 billion yuan in 2024 and 31.8 billion yuan in 2025, with a new forecast for 2026 set at 34 billion yuan [1][23]. Business Segments - Baidu's core advertising revenue grew by 6% year-on-year, with the AI-driven advertising system enhancing the efficiency of ad placements [1][12]. - The intelligent cloud revenue for Q4 2023 was 5.6 billion yuan, reflecting an 11% year-on-year increase, with AI contributing significantly to this growth [1][18]. - The number of enterprises actively using Baidu's API reached approximately 26,000 in December, a 150% increase from the previous quarter [1][18].