研报日期：2018-07-12

　　百度(BIDU)

　　2Q preview – expect sales to reach the mid-to-high end of guidance: Wemaintain our 2Q forecast and expect 2Q net revenue to reach Rmb25.7bn ( 31%YoY and 23% QoQ), which is slightly higher than the mid-point of guidance ofRmb24.91-26.19bn and 1% higher than the consensus estimate of Rmb 25.5bn,indicating continued traffic growth in search and news feed and improvement inmonetization products, such as dynamics ads and oCPC. We forecast non-GAAPnet profit of Rmb5.7bn (2% YoY and 65% QoQ), in line with consensus, due tomore aggressive spending in sales & marketing. We project non-GAAP net incomeattritable to Baidu will reach Rmb6.5bn ( 16% YoY, 41% QoQ). User metrics ofMobile Baidu in terms of MAU and time spent remain healthy. According toQuestmobile, mobile time spent and time spent per MAU grew 30% and 14%YoY, respectively, in 2Q18. Despite users' time-spent shifting to the World Cup,iQiyi's user metrics remain resilient compared to its peers'. MAU and time-spentgrowth were 11% and 16% in 2Q18 (vs 10% and 17% in 1Q18), according toQuestmobile, demonstrating the user stickiness to the platform. Hence, weexpect iQiyi's performance to be in-line with guidance.

　　outlook – expect another seasonally strong quarter: We expect a strongadvertising performance for both core search and feed, and iQiyi in 3Q18. Whilesearch will still benefit from the tailwind of the World Cup, we expect thenegative impact on iQiyi to be minimal given a strong content pipeline in thesummer holiday season. We expect Baidu's 3Q total net revenue growth to be25% YoY and 7% QoQ. We expect a continued ramp in content investment foriQiyi and news feed to improve user engagement, which may weigh on margins.

　　Continued progress in development of new businesses: Baidu launched the firstL4 autonomous driving bus by King Long Motors for mass production in theBaidu Create conference in early July. Recently, we have seen more and moreinternational OEMs joining the Apollo ecosystem, demonst……[摩根士丹利]
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