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Baidu, Inc. (BIDU)

被低估
Communication ServicesInternet Content & InformationChina

基本面

45

价格

$86.95

市值

$30.01B

第一部分 · 这家公司值多少

概览

Baidu operates China's dominant internet search engine, alongside AI cloud services, an autonomous-driving unit called Apollo Go, and iQIYI, a video-streaming service often compared to Netflix. Most of the company's revenue still comes from advertising sold against search results, similar to Google in Western markets, while a smaller but growing share comes from cloud computing and enterprise AI tools sold to Chinese businesses. The company was long China's equivalent of Google; it is now trying to become a leading cloud-AI infrastructure provider as search advertising growth slows.

盈利方式

Baidu earns advertising revenue when businesses pay to appear in or alongside search results, a model that depends on the volume and price of ad auctions. Cloud and AI revenue instead comes from subscription and usage fees charged to companies that rent Baidu's computing infrastructure or generative AI tools. iQIYI earns membership subscriptions and advertising around its streaming content, reported separately but consolidated into Baidu's results because the company holds a controlling stake.

分部营收

Baidu Core79.4%

Search advertising, AI cloud services and the Apollo Go autonomous-driving business — everything except the consolidated video-streaming unit.

iQIYI21.2%

A subscription and advertising-supported video-streaming service, majority-owned and consolidated into Baidu's results but run and reported separately.

护城河

规模效应 · 狭窄

Baidu's search engine benefits from being the long-established default in a market where Google does not operate, and its scale in Chinese-language search data helps train its AI models. But short-video apps and AI chat assistants from ByteDance, Tencent and others are pulling both users and advertising budgets away, so the advantage is real but eroding.

需求驱动因素

周期性

Advertising revenue rises and falls with how much Chinese businesses are willing to spend to attract customers, which tracks the broader health of the domestic consumer economy. Cloud and AI revenue instead depends on corporate technology budgets and government-linked infrastructure spending, a separate and currently faster-growing cycle.

主要风险

  • Chinese regulatory oversight — Baidu's businesses are subject to extensive and evolving Chinese government regulation covering internet content, data security, AI services and advertising, and enforcement actions could restrict products or operations with little notice.
  • Declining online marketing revenue — Online marketing revenue, historically Baidu's main income source, has been declining as advertisers shift budgets toward short-video and social platforms, and the company states this trend may continue.
  • Variable interest entity structure — Baidu's China operations are conducted partly through variable interest entity contracts rather than direct ownership, a structure Chinese law does not clearly recognize and that adds legal uncertainty for foreign shareholders.
  • US-China geopolitical tension — Rising tension between the United States and China creates risk around Baidu's US listing, cross-border data rules and access to advanced AI chips needed for its cloud and AI business.

看多理由

Buyers argue that Baidu's dominant position in Chinese search, its deep pool of search and user data, and its early investment in generative AI and autonomous driving position it to profit from China's AI build-out even as traditional search advertising matures.

看空理由

Sellers worry that short-video and social platforms are permanently drawing advertisers and users away from search, that the VIE ownership structure and US-China tension add risks unrelated to the underlying business, and that heavy AI infrastructure spending may not pay off as quickly as hoped.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 28.6Score: 72Market cap: $3.70T

Bing is the one foreign search engine operating legally in mainland China and takes a large share of desktop queries there, directly against Baidu's search advertising.

ByteDance Ltd. (字节跳动)Not tracked

Douyin and Toutiao absorb the in-app search queries and the brand and performance advertising budgets that Baidu's search and feed products depend on.

Tencent Holdings Limited (腾讯控股)0700.HK

Tencent owns Sogou and the WeChat in-app search and mini-program ecosystem, and sells advertising to the same Chinese brands and merchants Baidu sells to.

Alibaba Group Holding Limited (阿里巴巴集团)BABA

Alibaba competes with Baidu both for consumer search through Quark and UC Browser and for Chinese enterprise AI and cloud contracts.

360 Security Technology Inc. (三六零安全科技股份有限公司, Qihoo 360)601360.SS

Its Haosou/So.com search engine is the main domestic general-purpose search alternative to Baidu, above all on Chinese desktop traffic.

Kuaishou Technology (快手科技)1024.HK

Kuaishou's short-video feed competes for the daily time of the same Chinese users and for the performance advertising and e-commerce referral spend Baidu monetises.

资产负债表与流动性

营收

$127.31B

最近12个月(截至2026/6/30)

净利润

$-3.69B

最近12个月(截至2026/6/30)

自由现金流

$-2.10B

股东权益合计

$32.88B

负债合计

$112.90B

流动比率

2.33

利息覆盖率

-

债务/EBITDA

4.83

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形被低估

公允价值

$145.86

当前价格

$86.95

安全边际

+40.4%

公允价值区间

$138.57 - $153.15

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$145.86
现金流折现法(DCF):数据不足,无法计算
市盈率法(P/E):数据不足,无法计算
格雷厄姆成长公式:数据不足,无法计算
盈利能力价值(EPV):数据不足,无法计算
合理市净率(P/B):数据不足,无法计算
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$94.96
分析师共识:强力买入 (32B / 4H / 2S)
最近财报超预期:-28.63%

估值指标

市盈率(P/E)

-

ROE

-1.4%

市净率(P/B)

0.74

P/FCF

-

毛利率

40.9%

ROIC

6.7%

盈利能力雷达图

价值创造(经济护城河)

ROIC

6.7%

WACC

1.7%

ROIC − WACC

+5.0 pp

ROIC 超过资本成本:公司正在为股东创造价值。

基本面分析标准

通过(9)

  • ROIC 6.7%
  • Gross Margin 40.9%
  • P/B Ratio 0.74
  • Debt/Equity ratio
  • Current Ratio
  • Debt/EBITDA
  • Analyst Consensus 84% Buy
  • Earnings Surprise avg 7.2%
  • Earnings Quality (OCF/NI) 1.78

未通过(7)

  • Price CAGR -5.87%
  • Positive Free Cash Flow
  • DCF valuation (Unknown)
  • ROE -1.7%
  • Revenue Growth 5Y 3.8%
  • Net Margin Trend 4.3% vs 17.8%
  • Piotroski F-Score 2/9

不可用(11)

  • EPS data insufficient
  • P/FCF NaN
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • CapEx intensity
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-评分

2/9

存在严重财务隐患

score
criteria

盈利质量

1.78

高质量:盈利有现金流支撑

股权稀释

-

正在回购股份,对股东友好

机构持股

公司治理

管理团队

姓名职位年龄
Mr. Yanhong LiCo-Founder, Chairman & CEO56
Mr. Haijian He C.F.A.Chief Financial Officer43
Ms. Juan LinDirector of Investor Relations-
Mr. Zhenyu LiSenior Vice President and GM of IDG49

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

Latest News

Recent headlines for BIDU, sourced from Markets Gazette.

  • 8/27/2026NEUTRAL
    Baidu, dal 1° settembre status di quotazione primaria anche a Hong Kong

    Baidu Inc., the Chinese technology giant currently listed on the Nasdaq, announced that it will transition its secondary listing status on the Hong Kong Stock Exchange to a primary listing, effective September 1st. This move is largely administrative and aims to streamline its dual-listing structure. While it may enhance liquidity and accessibility for certain investors, it does not fundamentally alter the company's operations or financial outlook. Investors should monitor trading volumes in Hong Kong for potential shifts in market dynamics.

  • 8/18/2026NEGATIVE
    Perché le azioni Baidu scendono di oltre il 5% dopo i risultati del secondo trimestre

    Baidu Inc. shares fell approximately 5% in pre-market trading after the Chinese search and AI giant reported second-quarter earnings and revenues that missed analyst expectations. The company posted an EPS of RMB7.22, significantly below the consensus estimate of RMB9.84. Quarterly revenue declined 4% year-over-year to CNY 31.3 billion, falling short of the approximately CNY 31.9 billion anticipated by analysts. Net income dropped to CNY 2.3 billion, with adjusted operating income at CNY 3.8 billion, reflecting a 12% adjusted operating margin. This earnings miss suggests potential headwinds impacting Baidu's core business and growth prospects.

  • 6/29/2026NEUTRAL
    Baidu’s CFO on How It Became a Full-Stack AI Player

    Baidu's Chief Financial Officer detailed the company's strategic pivot towards becoming a full-stack Artificial Intelligence player. This transformation spans from its foundational internet search business to advanced areas including AI chips, Large Language Models (LLMs), cloud computing, and autonomous driving technologies. The company's comprehensive approach aims to leverage AI across its entire ecosystem, positioning Baidu to capitalize on the burgeoning AI market and potentially drive future revenue streams from these diverse technological advancements.

  • 5/27/2026POSITIVE
    Baidu's AI-driven Business Generates 50%+ Of Q1 Revenue

    Baidu Inc. reported that its AI-driven business initiatives contributed over 50% of its total revenue in the first quarter. This significant contribution highlights the successful integration and monetization of artificial intelligence technologies within the company's core operations. Investors will be watching closely to see if this trend continues, as it suggests a strong future growth trajectory for Baidu, potentially leading to increased market share and profitability in the competitive AI landscape. The company's strategic focus on AI appears to be yielding substantial financial results.

  • 5/20/2026NEUTRAL
    Here's How Much You Would Have Made Owning Baidu Stock In The Last 20 Years

    An analysis of Baidu Inc. stock performance over the past 20 years reveals a complex investment journey. While the article does not provide specific financial figures or future outlooks, it implies a historical performance that warrants examination for potential investors. The focus is on the long-term holding period, suggesting that an understanding of Baidu's past market behavior is crucial for assessing its current investment potential. Investors should consult detailed financial reports and analyst ratings for a comprehensive view.

  • 5/18/2026NEUTRAL
    Baidu, Brady And 3 Stocks To Watch Heading Into Monday

    U.S. stock futures are trading lower on Monday, indicating a cautious start to the trading week. Investors are closely monitoring several key companies for their upcoming earnings reports. Baidu Inc. and Brady Corporation are among the stocks drawing attention for their scheduled earnings releases. Additionally, United Therapeutics is also in focus for its financial results. Further adding to the pre-market activity, XP Inc. and Ryanair Holdings plc are slated to report their earnings after the market closes, potentially influencing trading sentiment for the day.

  • 3/5/2026POSITIVE
    Expert Outlook: Baidu Through The Eyes Of 4 Analysts

    Recent assessments from four analysts on Baidu (BIDU) indicate a predominantly positive sentiment. In March 2022, Susquehanna maintained a 'Positive' rating, while China Renaissance confirmed a 'Buy' rating. Earlier in January 2022, Mizuho had issued a 'Buy' recommendation. Although specific price targets are not detailed, the persistence of 'Buy' and 'Positive' ratings from multiple research firms suggests confidence in the company's future prospects, potentially linked to AI innovations or a recovery in the Chinese advertising market. For investors, this analytical picture supports a cautious yet optimistic approach to the stock.

  • 2/27/2026POSITIVE
    Cathie Wood Seeing AI Gold In Amazon And Baidu? Ark Invest Is Betting On These Stocks Today

    Markets Gazette reports a bullish signal for Baidu Inc. (BIDU) following a significant investment by Cathie Wood's ARK Invest. On Thursday, February 26, 2026, ARK acquired $12 million worth of Baidu shares, a move that underscores the renowned investor's confidence in the Chinese company's growth potential within the artificial intelligence sector. This purchase, notably larger than the $800,000 investment in Amazon on the same day, positions Baidu as a key pillar in ARK's strategy to capitalize on AI expansion. Investors may interpret this transaction as a strong endorsement, suggesting Baidu is either undervalued or poised for appreciation, especially given its role in the global technology landscape.

via Markets Gazette