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

<ul><li>Baidu announced (22 Feb) its 4Q22 and full year results: quarterly revenue was RMB33.</li><li>1bn, flat YoY, 4/3% higher than our forecast/Bloomberg consensus estimates; non-GAAP net income was RMB5.4bn, 7/13% higher than our forecast/Bloomberg consensus estimates, driven by stringent cost control.</li><li>Non ad revenue was up 10% YoY and accounted for 30% of Baidu Core revenue (4Q21: 26%). </li></ul>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 announced (22 Feb) its 4Q22 and full year results: quarterly revenue was RMB33.1bn, flat YoY, 4/3% higher than our forecast/Bloomberg consensus estimates; non-GAAP net income was RMB5.4bn, 7/13% higher than our forecast/Bloomberg consensus estimates, driven by stringent cost control.Non ad revenue was up 10% YoY and accounted for 30% of Baidu Core revenue (4Q21: 26%). 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) – Strong AI capability to empower business growth

<ul><li>Baidu’s core ads business is on track for recovery in January 2023 and we expect search ads demand will benefit from faster than expected offline activities recovery in 1Q23, evidenced by robust offline travel and commerce traffic since Chinese New Year.</li><li>Search ads demand faced significant pressure due to offline activities disruptions in 2022, the faster than expected normalization would bring search ads demand back to normalized pace.</li><li>Baidu has accumulated strong AI technological capability, and with improving core search ads business outlook in 2023, the progress in large scale monetization of ASD and earlier than expected breakeven of cloud business would serve as solid fundamentals support for its stock price. </li></ul>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’s core ads business is on track for recovery in January 2023 and we expect search ads demand will benefit from faster than expected offline activities recovery in 1Q23, evidenced by robust offline travel and commerce traffic since Chinese New Year.Search ads demand faced significant pressure due to offline activities disruptions in 2022, the faster than expected normalization would bring search ads demand back to normalized pace.Baidu has accumulated strong AI technological capability, and with improving core search ads business outlook in 2023, the progress in large scale monetization of ASD and earlier than expected breakeven of cloud business would serve as solid fundamentals support for its stock price. 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) – Core Business Recovery on Track with More to Expect on New Initiatives

<ul><li>The first wave of pandemic infection and soft macro have impacted short-term revenue recovery trajectory of Baidu’s ads business, and weighed on growth of cloud business, as it impacted project deployment and digitalisation spending budget of enterprises.</li><li>But Baidu’s advertising business is regaining recovery trajectory in January 2023 after pandemic impact wanes.</li><li>Looking into 2023, Baidu’s advertising business could recover along with macro environment, and its cloud revenue growth has the potential to reaccelerate, as Baidu cloud has established competitive advantage in verticals like smart transportation, manufacturing, energy &amp; utilities and public services.</li></ul>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.

The first wave of pandemic infection and soft macro have impacted short-term revenue recovery trajectory of Baidu’s ads business, and weighed on growth of cloud business, as it impacted project deployment and digitalisation spending budget of enterprises.But Baidu’s advertising business is regaining recovery trajectory in January 2023 after pandemic impact wanes.Looking into 2023, Baidu’s advertising business could recover along with macro environment, and its cloud revenue growth has the potential to reaccelerate, as Baidu cloud has established competitive advantage in verticals like smart transportation, manufacturing, energy &amp; utilities and public services.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) – Factoring into near-term pandemic impact but recovery is in sight

Thematic (Sector/Industry)

<ul><li>Continue to support digital economy development </li><li>Encouraging technology breakthroughs, innovations, and overseas expansion. </li><li>Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.</li></ul>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.

Continue to support digital economy development Encouraging technology breakthroughs, innovations, and overseas expansion. Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.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.

China Internet – Quality growth and further digitization penetration provide growth support

<ul><li>Baidu reported (22 Nov) its 3Q22 results: revenue was up 1.9% YoY to RMB32.5bn, 2% higher than both our forecast and Bloomberg-consensus estimates; non-GAAP net income was RMB5.9bn, beating our/consensus estimates of RMB5.6/5.5bn, due to stringent cost control.</li><li>Non-ad revenue grew 25% YoY in 3Q22 and accounted for 26% of Baidu Core revenue (3Q21: 21%), driven by Baidu Cloud and AI-powered businesses.</li><li>The results demonstrated a continuously enhanced mobile ecosystem and solid progress on new AI and autonomous driving business, in our view. </li></ul>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 reported (22 Nov) its 3Q22 results: revenue was up 1.9% YoY to RMB32.5bn, 2% higher than both our forecast and Bloomberg-consensus estimates; non-GAAP net income was RMB5.9bn, beating our/consensus estimates of RMB5.6/5.5bn, due to stringent cost control.Non-ad revenue grew 25% YoY in 3Q22 and accounted for 26% of Baidu Core revenue (3Q21: 21%), driven by Baidu Cloud and AI-powered businesses.The results demonstrated a continuously enhanced mobile ecosystem and solid progress on new AI and autonomous driving business, in our view. 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) – Earnings beat on stringent cost control

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)

Baidu (BIDU US) – Strong AI capability to empower business growth

Baidu announced (22 Feb) its 4Q22 and full year results: quarterly revenue was RMB33. 1bn, flat YoY, 4/3% higher than our forecast/Bloomberg...

CMB International

Baidu (BIDU US) – Core Business Recovery on Track with More to Expect on New Initiatives

Search ads demand faced significant pressure due to offline activities disruptions in 2022, the faster than expected normalization would bring...

CMB International

Baidu (BIDU US) – Factoring into near-term pandemic impact but recovery is in sight

The first wave of pandemic infection and soft macro have impacted short-term revenue recovery trajectory of Baidu’s ads business, and weighed on...

CMB International

China Internet – Quality growth and further digitization penetration provide growth support

Continue to support digital economy development. Encouraging technology breakthroughs, innovations, and overseas expansion.

CMB International

Baidu (BIDU US) – Earnings beat on stringent cost control

Baidu reported (22 Nov) its 3Q22 results: revenue was up 1.9% YoY to RMB32.5bn, 2% higher than both our forecast and Bloomberg-consensus estimates

CMB International

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