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<Research>CLSA: Baidu, Inc. (BIDU.US) AI Cloud Infra Revenue Sees Robust Growth
CLSA foresaw Baidu, Inc. (BIDU.US)'s Baidu General Business (BGB) revenue for 1Q26 to fade 2.5% YoY to RMB24.8 billion, dragged by a more than 20% slump in marketing revenue. H...
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<Research>CLSA: Baidu, Inc. (BIDU.US) AI Cloud Infra Revenue Sees Robust Growth
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CLSA foresaw Baidu, Inc. (BIDU.US)      's Baidu General Business (BGB) revenue for 1Q26 to fade 2.5% YoY to RMB24.8 billion, dragged by a more than 20% slump in marketing revenue. However, revenue from AI-related businesses was projected to hike 39% YoY to RMB12.4 billion, accounting for 50% of BGB revenue.

Among them, AI cloud infrastructure (including chips) has become a new growth engine, on the back of a surge in inference workloads, with revenue adding more than 40% YoY.

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The broker expected BGB's adjusted EBIT for 1Q26 to fall 32% YoY to RMB3.3 billion. Nevertheless, under meaningful headcount reduction measures, margins were estimated to start recovering QoQ.

Management anticipated that total BGB revenue will grow 1.8% YoY in 2Q26, with margins continuing to improve QoQ. Progress on the spin-off plan for Baidu's Kunlunxin is moving along smoothly, and the company also plans to enhance shareholder returns through share buybacks and dividends.

CLSA maintained an Outperform rating on Baidu, Inc. with a TP of USD176.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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