Core Viewpoint - The company maintains a positive outlook on Baidu Group's AI ecosystem value, reiterating a "Buy" rating, with Q3 2025 core business revenue reaching 24.66 billion yuan, exceeding expectations by 1.5% [1][2] Performance Summary - In Q3 2025, Baidu Group's core business revenue was 24.66 billion yuan, surpassing expectations by 1.5%. Operating profit stood at 1.22 billion yuan, with an operating margin of 4.9%. The company increased its AI investments, leading to a decline in traditional search revenue proportion. Capital expenditure for Q3 2025 was 3.38 billion yuan, reflecting a year-on-year growth of 106.4% [2] AI Revenue Insights - AI revenue for Q3 2025 exceeded 10 billion yuan, driven by AI cloud, AI applications, and AI native advertising. The company reported AI revenue growth of over 50% year-on-year. - AI Cloud: Revenue reached 6.2 billion yuan, a year-on-year increase of 21%, with IaaS and PaaS revenue at 4.2 billion yuan, growing 33% year-on-year, and subscription revenue for AI infrastructure up 128% year-on-year [3] - AI Applications: Revenue was 2.6 billion yuan, including products like Baidu Wenku, Baidu Wangpan, and various AI platforms [3] - AI Native Advertising: Revenue reached 2.8 billion yuan, a significant year-on-year increase of 262%, with AI native ads accounting for 18% of core advertising revenue, up from 4% in Q3 2024 [3] Expansion of "Luobo Kuaipao" - The number of orders for "Luobo Kuaipao" (robotaxi service) accelerated, providing 3.1 million autonomous driving services in Q3 2025, a year-on-year growth of 212%. As of October 2025, the service has expanded to 22 cities globally, partnering with Uber in Asia and the Middle East, and with Lyft in Germany and the UK [4] Traditional Business Overview - Excluding AI native advertising revenue, traditional advertising revenue in Q3 2025 was 12.58 billion yuan. AI native advertising forms like Agent and digital humans enhance the monetization of previously non-advertising intent webpages, indicating that AI native ads serve as a second growth curve rather than a direct replacement for traditional search [5] Profit Forecast, Valuation, and Rating - The firm continues to view Baidu's AI ecosystem value positively, with AI native advertising enhancing traditional search monetization capabilities. The company is expected to maintain healthy net cash flow to support long-term AI strategic investments. The business model of "Luobo Kuaipao" has been validated with accelerating order growth and successful international expansion. Revenue forecasts for 2025-2027 are 130.8 billion, 139.9 billion, and 148.3 billion yuan, with Non-GAAP net profit estimates of 18.2 billion, 20.5 billion, and 23 billion yuan for the same period. The current price corresponds to PE ratios of 15x, 14x, and 12x, maintaining a "Buy" rating [6]

光大证券发布研报称，持续看好百度集团-SW(09888)AI生态价值，维持"买入"评级，25Q3百度核心业 务收入246.6亿元，超预期1.5%，AI相关收入首次披露突破100亿元，同比增长超50%,萝卜快跑加速全球 扩张，AI原生广告成为传统搜索的第二增长曲线。 AI季度收入突破100亿元，主要由AI云、AI应用、AI原生广告驱动。25Q3公司首次披露AI收入100亿 元，同比增速超50%。1)AI云：25Q3营收62亿元，同比增长21%，其中AI云IaaS+PaaS收入42亿元，同 比增长33%，AI基础设施相关订阅收入同比增长128%。2)AI应用：25Q3营收26亿元，包括百度文库、 百度网盘、零代码开发平台秒哒、企业AI数字员工、多模态视觉管理平台一见、AI交互操作系统小度 等产品。3)AI原生广告：Agent和数字人有效提升了广告的交互性和ROI，25Q3营收28亿元，同比增长 262%，AI原生广告占公司核心广告收入的18%，相比24Q3的4%占比提升明显。 光大证券主要观点如下： 业绩表现 2025年第三季度，百度集团核心业务营业收入246.6亿元，超预期1.5%。营业利润12.2亿元;营业利 ...