季度业绩前瞻 | 百度集团-SW：AI业务增长，回购增回报，预测Q2营收326.93~345.21亿元，同比-3.6%~1.7%

朝阳永续2025-07-14

2.百度集团-SW最新卖方观点东吴证券认为：百度集团-SW在2025Q1实现营业收入324.52亿，同比增长3%，Non-GAAP净利润64.69亿元，均超预期。公司自2025年Q1以来回购股份4.45亿美元，累计回购超21亿美元，加强股东回报。广告业务方面，AI智能体进展积极，百度核心收入255亿元，同比增长7%，其中在线营销收入160亿元，同比减少6%。智能体为广告主带来的收入同比增长30倍，...

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