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<Research>CMBI Cuts Baidu (BIDU.US) TP to US$144.6, Keeps Buy Rating
Recommend 9 Positive 12 Negative 5 |
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CMBI’s research report wrote that BIDU-SW (09888.HK)(BIDU.US) achieved revenue of RMB25.5 billion for Baidu Core in 1Q25, toppling market expectations by 10%. The non-GAAP operating profit of Baidu Core reached RMB4.9 billion, surpassing consensus by 11%. In view of the compounded impact of slower-than-expected ad monetization and faster-than-expected cloud revenue growth, CMBI cut Baidu's 2025 revenue and non-GAAP net profit forecasts by 1% and 7%, respectively. The TP on Baidu was reduced by 1% to US$144.6 (originally US$146.7), with Buy rating kept. Baidu is ambitiously investing in development opportunities in the AI era, the broker noted. Although the product innovation plans for the search business are more proactive than the broker’s expectations, which may exert pressure on short-term advertising revenue recovery, the broker assumed that cloud revenue will maintain strong growth on the back of robust demand and elevated brand recognition of Baidu. AASTOCKS Financial News Website: www.aastocks.com |
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