---
title: "Daiwa Capital Markets: Baidu's last quarter performance exceeded expectations, maintaining a \"Buy\" rating"
description: "Daiwa Capital Markets released a research report stating that Baidu's performance in the fourth quarter of last year exceeded expectations, with revenue of 32.7 billion RMB, a year-on-year decrease of"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277166601.md"
published_at: "2026-02-27T08:18:38.000Z"
---

# Daiwa Capital Markets: Baidu's last quarter performance exceeded expectations, maintaining a "Buy" rating

> Daiwa Capital Markets released a research report stating that Baidu's performance in the fourth quarter of last year exceeded expectations, with revenue of 32.7 billion RMB, a year-on-year decrease of 4%, and a gross margin of 44.2%. The non-GAAP net profit was 3.9 billion RMB, a year-on-year decrease of 42%, both higher than market expectations. Daiwa Capital Markets maintains a "Buy" rating on Baidu, with a slight decrease in the target price to HKD 175 and USD 194, expecting a price-to-earnings ratio of 22.6 times in 2026

Daiwa Capital Markets published a research report stating that Baidu (09888.HK) performed better than the firm's expectations in the fourth quarter of last year, with revenue declining 4% year-on-year to RMB 32.7 billion, in line with the firm's and market expectations. The gross margin fell by 3 percentage points year-on-year to 44.2%, and the non-GAAP net profit decreased by 42% year-on-year to RMB 3.9 billion, both exceeding market expectations.

Daiwa noted that the monetization visibility of Baidu's AI cloud business is improving, and its AI application portfolio is among the most comprehensive in the industry. The firm maintains a "Buy" rating and slightly lowers the target price for Hong Kong stocks to HKD 175, while reducing the target price for U.S. stocks to USD 194, corresponding to a projected price-to-earnings ratio of approximately 22.6 times for 2026. The firm generally maintains its revenue forecasts for the group for the first quarter and the full year, expecting a year-on-year decline of 2% and a growth of 3%, respectively, and raises the non-GAAP net profit forecasts for the first quarter and the full year by 11% and 1%, respectively

### Related Stocks

- [BIDU.US - Baidu](https://longbridge.com/en/quote/BIDU.US.md)
- [09888.HK - BIDU-SW](https://longbridge.com/en/quote/09888.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 百度 AI 云 2025 年营收 300 亿元 | 百度预计 2025 年 AI 云营收将达到 300 亿元，四季度基于订阅的 AI 高性能计算设施收入同比增长 143%。此外，百度智能云在 2025 年大模型相关中标项目数和金额上均位居第一，连续两年成为云厂商中标项目数和金额最多者。 | [Link](https://longbridge.com/en/news/277047146.md) |
| 百度电话会：AI 云 2025 年收入达 300 亿元，算力订阅 Q4 同比增 143%，“萝卜快跑” 订单狂飙 200% | 李彦宏在电话会上强调 “应用比模型更重要”，模型的价值最终需通过应用来体现。他明确百度将坚持应用驱动的发展路径，以真实需求持续反哺和迭代模型能力。在自动驾驶方面，他对 Apollo Go 的全球规模化扩张充满信心，并预计未来将有更多城市实现 | [Link](https://longbridge.com/en/news/277058017.md) |
| 尽管百度在推动人工智能方面取得进展，但作为中国的搜索巨头，它仍然面临广告支出疲软的挑战 | 百度（BIDU）在公布第四季度业绩后，股价下跌 4%，营收同比下降 4%，至 46.82 亿美元，略高于分析师的预期。营收下降归因于广告支出疲软，但人工智能云和应用的增长帮助抵消了损失。百度每股美国存托股票的调整后收益为 1.52 美元，超 | [Link](https://longbridge.com/en/news/277056050.md) |
| “官方辟谣”：白宫经济学家声称 Citrini 的 AI 风险报告纯属 “科幻小说” | 白宫经济顾问委员会代理主席 Pierre Yared 将 Citrini Research 关于 AI 引发大规模失业、拖累股市的报告斥为” 科幻小说”，称其违背基本经济学原理。Pierre Yared 表示任何创新都会伴随着 “一些波动和 | [Link](https://longbridge.com/en/news/276787898.md) |
| 谷歌高层回应 AI 泡沫质疑：这是工业革命，但速度快 10 倍、规模大 10 倍 | 谷歌 CEO 在印度 AI 峰会上透露谷歌云积压订单已翻倍至 2400 亿美元，以此证明高额资本开支的合理性。DeepMind CEO 预测实现通用人工智能至少仍需 5-10 年。谷歌高层一致认为，AI 将从根本上改变中小企业和科学研究的工 | [Link](https://longbridge.com/en/news/276440500.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.