编辑丨 包永刚 落地大模型的速度和质量正成为企业在智能化浪潮中抢占产业制高点的关键胜负手。 大模型竞争下半场，全栈能力将成关键看点。 作者丨 刘伊伦 据《2024中国企业AI大模型应用现状》调研报告显示，AI大模型落地总体上仍处在探索孵化阶段，渗透率 不足1%，但在已部署大模型的企业中， 超半数企业感受到了大模型落地带来的业务价值。 割裂感充斥在这场智能化变革之中：一端是洞察价值的企业持续加码投入，另一端则是受限于技术、资金 与人才的企业，无奈将技术浪潮视为"行业泡沫"。二者间存在的认知差距与行动鸿沟，折射出大模型落地 从"试点红利"迈向"普惠深水区"的行业阵痛。 技术断层与能力失衡，则是横亘在企业智能化转型路上的双重障碍。不具备技术能力的企业面临桎梏，而 具备一定研发实力的企业，也难以规避单一能力短板引发的"木桶效应"。 某大型集团曾斥资3000万下场研发企业大模型，重金聘请技术专家，却因技术落地难、数据隐私风险及商 业模式模糊等问题，一年内耗尽预算，项目最终搁浅。 实践表明，企业大模型落地需要与拥有全栈大模型技术基因的产业专家深度协作。在大模型中标项目数、 行业覆盖数、央国企中标项目数三个维度皆"领跑"的 ...

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of $146.70, representing a potential upside of 61.7% from the current price of $90.74 [2][3]. Core Insights - Baidu is actively promoting its business transformation by integrating more generative AI-related search results to enhance user experience and engagement. Although the monetization of these search results has not yet begun, it is expected to start by the end of Q2, which should help boost advertising revenue growth and operating profit margins [9]. - The company has introduced several AI applications, including the Wenxin large model 4.5 Turbo and X1 Turbo, which feature multi-modal capabilities, strong reasoning, and reduced costs. The input price for the 4.5 Turbo model is only 0.8 RMB per million tokens, and the output price is 3.2 RMB, marking an 80% price reduction compared to its predecessor [1]. - Baidu's cloud business is anticipated to maintain strong revenue growth driven by increasing demand for digitalization and AI solutions, supporting overall revenue growth for the group [9]. Financial Summary - The financial forecast for Baidu shows expected sales revenue of 137,622 million RMB in FY25, with a projected growth rate of 3.4%. The adjusted net profit is estimated at 26,943.5 million RMB, reflecting a slight decrease of 0.2% [10]. - The company’s sales revenue for FY23A was 134,598 million RMB, with a year-on-year growth of 8.8%. However, FY24A is projected to see a decline of 1.1% in sales revenue [11]. - The adjusted net profit margin is expected to stabilize around 19.6% by FY27E, with a return on equity projected at 7.6% [12].

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of $146.70, representing a potential upside of 61.7% from the current price of $90.74 [2][9]. Core Insights - Baidu is actively promoting its business transformation by integrating more generative AI-related search results to enhance user experience and engagement. Although the monetization of these search results has not yet begun, it is expected to start by the end of Q2, which should help boost advertising revenue growth and operating profit margins [9]. - The company has introduced several AI applications, including the Wenxin large model 4.5 Turbo and X1 Turbo, which feature multi-modal capabilities, strong reasoning, and reduced costs. The input price for the Wenxin 4.5 Turbo is only 0.8 RMB per million tokens, and the output price is 3.2 RMB, marking an 80% price reduction compared to its predecessor [9]. - Baidu's cloud business is anticipated to maintain strong revenue growth driven by increasing demand for digitalization and AI solutions, supporting overall revenue growth for the group [9]. Financial Summary - The financial forecast for Baidu shows expected sales revenue of 137,622 million RMB in FY25, with a projected growth rate of 3.4%. The adjusted net profit is expected to be 26,943.5 million RMB, reflecting a slight decrease of 0.2% [10][11]. - The company’s operating profit is projected to be 21,430 million RMB in FY25, with a slight increase in operating margin to 15.6% [11]. - Baidu's total assets are expected to grow from 427,780 million RMB in FY24 to 457,698 million RMB in FY25, indicating a healthy balance sheet [11].