BIDU(09888) 华安证券·2024-05-23 03:32Investment Rating - The investment rating for Baidu Group is "Buy" (maintained) [2] Core Insights - In Q1 2024, Baidu's total revenue reached 31.5 billion yuan, representing a year-over-year growth of 1.2% and a quarter-over-quarter decline of 9.8%. The net profit (Non-GAAP) was 7 billion yuan, showing a year-over-year increase of 22.4% and a quarter-over-quarter decrease of 9.6% [3] - Baidu's core revenue was 23.8 billion yuan, with a year-over-year growth of 3.5% and a quarter-over-quarter decline of 13.4%. The core net profit (Non-GAAP) was 6.6 billion yuan, reflecting a year-over-year increase of 25.8% and a quarter-over-quarter decrease of 11.6% [3] - The company has expanded its Wenxin series models and launched several lightweight models, along with a Model as a Service (MaaS) platform aimed at enterprise clients [3] - Baidu's autonomous driving service platform, "Luobo Kuaipao," saw a 25% year-over-year increase in orders, totaling 826,000 orders in Q1 2024 [3] - The active user base of the Baidu app reached 676 million, a 3% year-over-year increase, with managed page revenue accounting for 50% of the online marketing revenue [3] - The forecast for net profit (Non-GAAP) for 2024, 2025, and 2026 is 30.0 billion, 32.2 billion, and 34.6 billion yuan respectively, with year-over-year growth rates of 4.4%, 7.2%, and 7.7% [3] Financial Summary - For 2024, the expected revenue is 139.5 billion yuan, with a year-over-year growth of 3.6%. The net profit (Non-GAAP) is projected to be 30.0 billion yuan, with a year-over-year growth of 4.4% [4] - The operating profit margin (Non-GAAP) for Q1 2024 was 21.2% [3] - The company’s total market capitalization is approximately 282.7 billion yuan, with a circulating market capitalization of about 229.8 billion yuan [2]