百度：携 Apollo Go 与优步合作进军迪拜

Summary of Baidu.com (BIDU.O) Conference Call Company Overview - Company: Baidu.com (BIDU.O) - Industry: Autonomous Driving and Ride-Hailing Services Key Points Partnership and Expansion - Baidu and Uber, in collaboration with Dubai's Roads and Transport Authority (RTA), are launching the Apollo Go autonomous ride-hailing service on the Uber platform in Dubai, specifically in the Jumeirah area, expected to be available within the coming month [2][3] - The service will allow users to book an Apollo Go vehicle through Uber Comfort or UberX by selecting the "Autonomous" option [2] - This marks the first fully driverless ride-hailing service in Dubai, with plans to expand to more cities based on operational learnings and regulatory approvals [2][3] Global Ecosystem and Collaborations - Apollo Go has partnered with AutoGo to launch a fully driverless commercial ride-hailing service in Abu Dhabi, allowing users to hail rides directly through the AutoGo app [3] - The global ecosystem of Apollo Go has extended to Europe, with plans to initiate autonomous driving tests and ride-hailing services in London, UK, starting in 2026, and testing in Switzerland through a partnership with Swiss PostBus [3] Performance Metrics - Apollo Go has logged over 240 million autonomous kilometers, with more than 140 million kilometers completed in fully driverless mode [4] - The service operates in 22 cities globally, with a weekly ride count surpassing 250,000 and a cumulative total of over 17 million rides completed as of October 31, 2025 [4] Financial Outlook - Baidu's target price is set at US$186, reflecting a potential upside of 26.6% from the current price of US$146.97 [5] - The market capitalization of Baidu is approximately US$50.524 billion [5] Valuation Breakdown - The target price is derived from several components: 1. Baidu Core (search only): P/E of 5x on 2026E non-GAAP estimated core search net profit of US$1.68 billion, assuming 21.0% net margins [8] 2. Baidu AI Cloud: P/S of 5x on 2026E AI Cloud revenues of US$2.72 billion, leading to a valuation of US$13.6 billion or US$39.9 per share [8] 3. Kunlunxin: Forecasted revenues of US$1.77 billion in 2026, applying a 20x P/S multiple for a valuation of US$35.4 billion [9] 4. Autonomous Driving: Valuation based on current market comparisons, estimating US$5.25 billion or US$15.4 per share [10] Risks - Potential risks that could impede Baidu's share price from reaching the target include: 1. Slower recovery of the search business and loss of ad budget share to competitors [12] 2. Increased competition in news feed ads [12] 3. Economic slowdown in China affecting advertising sentiment [12] 4. Regulatory actions leading to adjustments in search results inventory [12] Additional Insights - The Apollo Go service is positioned to demonstrate Baidu's AI capabilities in real-world applications, enhancing its value proposition in the autonomous driving sector [1] - The strategic partnerships with global players like Uber and Lyft are crucial for expanding Baidu's market presence and operational capabilities in the autonomous vehicle space [1][3]