External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<div><div><div><div><ul><li>Baidu saw sequential recovery on core search and feed ads demand in July- August compared to June as pandemic impact gradually waned.</li><li>Although ads demand recovery is likely to be rocky given uncertain COVID resurgence conditions, we expect limited room for incremental negative impacts rolling into 2023.</li><li>Cash flows generated from ads business provide solid support for investing into new initiatives.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

Baidu saw sequential recovery on core search and feed ads demand in July- August compared to June as pandemic impact gradually waned.Although ads demand recovery is likely to be rocky given uncertain COVID resurgence conditions, we expect limited room for incremental negative impacts rolling into 2023.Cash flows generated from ads business provide solid support for investing into new initiatives.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) – Eyes on New Technologies Development

<div><ul><li>Factoring in 2Q22E ads headwinds. We expect 2Q22 rev -7% YoY, 1% below consensus.</li><li><p>Auto on good progress, while ads recovery needs more time.</p></li><li><p><span style="font-size: var(--content-font-size);">Maintain BUY. We trimmed earnings by 3-6% in FY22-24E, with SOTP-based TP at US$203 (24x FY23E P/E). Multiple downside risk is limited, and suggest to look into 2H22E ads recovery and LT AI cloud contribution.</span></p></li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Factoring in 2Q22E ads headwinds. We expect 2Q22 rev -7% YoY, 1% below consensus.Auto on good progress, while ads recovery needs more time.Maintain BUY. We trimmed earnings by 3-6% in FY22-24E, with SOTP-based TP at US$203 (24x FY23E P/E). Multiple downside risk is limited, and suggest to look into 2H22E ads recovery and LT AI cloud contribution.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) – Auto on progress, despite slower ads recovery

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US) – Eyes on New Technologies Development

Baidu saw sequential recovery on core search and feed ads demand in July- August compared to June as pandemic impact gradually waned.

CMB International

Baidu (BIDU US) – Auto on progress, despite slower ads recovery

We expect 2Q22E topline/bottom line -7% YoY/-38% YoY, 1%/3% below consensus. 2Q22E would be the trough of ads (forecasting core ads -14% YoY, vs....

CMB International