该行考虑到公司广告业务受宏观经济不利影响，该行预计公司调整后归母净利润为274/292/303亿元(24-25年原预测值260/305亿元)，选取国内外头部互联网和人工智能相关公司。24年调整后PE为12x，对应公司市值3387亿元，港币兑人民币0.91，目标价132.37港元，维持“买入”评级。Orient Securities issued a research report, indicating that Baidu Group (09888) released its 2Q24 financial report, achieving a revenue of 33.93 billion (YoY-0.4%), slightly lower than the consensus expectation of 34.11 billion; adjusted net income of 7.4 billion yuan, higher than the consensus expectation of 6.68 billion, with a non-GAAP margin of 21.8%, and profit growth exceeding market expectations.
The bank stated that in 2Q24, Baidu's revenue was 33.93 billion (YoY-0.4%), and Baidu's core revenue reached 26.69 billion (YoY+1.1%, consistent with the expectation of YoY+0.2%). Among them, advertising marketing revenue was 19.2 billion (YoY-2.0%, better than the expected YoY-2.9%), and non-marketing revenue was 7.49 billion yuan (YoY+10%), mainly driven by the intelligent cloud business. Baidu's cloud business revenue grew by 14% YoY to 5.1 billion yuan, benefiting from a significant increase in the use of the all-in-one enterprise-level large-scale platform. The revenue contributed by AI to the intelligent cloud business accounted for about 9% (compared to 6.9% in 1Q24).
The bank continued to point out that in 2Q24, the automatic driving orders of Roborock reached approximately 899 thousand orders (YoY+26%). As of July 28, 2024, the cumulative number of automatic driving travel service orders provided has exceeded 7 million.
Considering the adverse impact of the company's advertising business on the macroeconomic situation, the bank expects the company's adjusted net income attributable to equity holders to be 27.4/29.2/30.3 billion yuan (the original forecast for 24-25 was 26/30.5 billion yuan), selecting leading domestic and foreign internet and AI-related companies. The adjusted PE for 24 is 12x, corresponding to a market cap of 338.7 billion yuan, with an exchange rate of 0.91 Hong Kong dollars to RMB. The target price is 132.37 Hong Kong dollars, and the "buy" rating is maintained.
