百度集团-SW(9888.HK)：广告业务企稳为主 AI云业务支撑中长期逻辑

光大证券02-04

25Q4 业绩前瞻：广告承压延续，云业务短期放缓，Non-GAAP 利润修复成为主要边际变量。我们预计25Q4 百度核心业务收入同比下降约8.7%，收入端压力主要来自传统搜索广告需求偏弱及流量结构调整；利润端方面，25Q3 一次性资产减值完成后，相关折旧摊销压力在25Q4 起阶段性减轻，预计对Non-GAAP 经营利润形成一定支撑。1、在线营销业务：需求恢复有限，广告业务以企稳为主。我们预计 25...

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