External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Baidu announced (21 Nov) its 3Q24 results: total revenue was RMB33.6bn, inline with both our forecast and Bloomberg consensus; excluding one-off foreign exchange loss of RMB1.1bn, non-GAAP net income would be RMB7.0bn, better than consensus of RMB6.2bn.</li><li>Non-GAAP OP of Baidu Core reached RMB6.7bn, 1%/4% better than our forecast/ consensus, thanks to more optimized than expected R&amp;D spending.</li><li>Monetization of Gen-AI related initiative likely still takes time, and we expect Baidu to still prioritize product enhancement and user engagement improvement over monetization in 4Q24- 1Q25, while we concur that the related investment in driving for business transformation is vital for Baidu’s long-term business development. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Baidu announced (21 Nov) its 3Q24 results: total revenue was RMB33.6bn, inline with both our forecast and Bloomberg consensus; excluding one-off foreign exchange loss of RMB1.1bn, non-GAAP net income would be RMB7.0bn, better than consensus of RMB6.2bn.Non-GAAP OP of Baidu Core reached RMB6.7bn, 1%/4% better than our forecast/ consensus, thanks to more optimized than expected R&amp;D spending.Monetization of Gen-AI related initiative likely still takes time, and we expect Baidu to still prioritize product enhancement and user engagement improvement over monetization in 4Q24- 1Q25, while we concur that the related investment in driving for business transformation is vital for Baidu’s long-term business development. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) - Pace of Ads Rev Growth Recovery Key to Watch