BIDU

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09888

<p>CITIC Securities believes that Baidu's "Luobo Kuaipao" is expected to achieve profitability in the medium to long term, with a market space of up to 155.3 billion yuan, corresponding to a profit of 51.6 billion yuan. Baidu Apollo Go has already demonstrated initial commercial landing capabilities, maintaining a service volume of over 800,000 times per quarter. Currently, the price of "Luobo Kuaipao" after subsidies is significantly higher, aiming to enhance consumer sentiment through subsidies and novelty. After cost reduction in the medium to long term, the daily profit per bike is expected to increase to 133.04 yuan. If "Luobo Kuaipao" can be promoted nationwide, the market space under neutral expectations could reach 155.3 billion yuan, corresponding to a profit of 51.6 billion yuan</p>

- "RoboTaxi" has maintained a service volume of over 800,000 times per quarter in the past three quarters, showing initial commercial viability. By offering subsidized low prices and novelty, it stimulates consumer spending. Projected mid-term profitability per vehicle per day is ¥25.40, with a payback period of 6.17 years; long-term profitability is ¥133.04 per day, with a payback period of 2.72 years. Market potential could reach ¥426/529/1553 billion with corresponding profits of ¥142/176/516 billion if expanded nationally.
- "RoboTaxi" demonstrates commercial viability, especially in Wuhan, with over 70% "true" autonomous driving. Price variations exist across cities, with higher rates in top-tier cities like Beijing. Despite challenges in profitability under current subsidies, long-term cost reductions are expected to enhance profitability.
- Analyzing the business's long-term profitability based on Wuhan's current status, cost considerations include vehicle, operation, and maintenance costs. Revenue projections indicate potential breakeven in Wuhan by 2024. Market analysis suggests significant profit potential if "RoboTaxi" expands nationally, with estimated market sizes and profits under different scenarios.

CITIC Securities: "Carrot Run" Nationwide Promotion Market Space Can Reach 155.3 Billion, Corresponding to a Profit of 51.6 Billion