中小盤伐謀周報:注個性化定制主題
摘要： 3Q15resultsbeatexpectations.Baidu’s3Q15resultswere16.0%and7.0%betterthanmarketandourexpectations,res
3Q15 results beat expectations. Baidu’s 3Q15 results were 16.0% and 7.0% better than market and ourexpectations, respectively, due to lower than expected marketing expenses for mobile products and R&D expenses.
Revise down FY16-17 online marketing revenue by 3.3%/ 5.8%, respectively, due to the de-consolidation ofQunar (QUNR US) from financial and video business affected by Alibaba (BABA US)’s buy-out program of YoukuTodou (YOKU US).
Revise down FY15-17 gross profit margin by 0.1 ppt/ 0.5 ppt/ 0.7 ppt, respectively, due to higher content costsand marketing expenses to boost platform traffic.
Downgrade the investment rating to “Neutral” and cut the TP from US$225.00 to US$203.00. Due to thestronger co-operation between Alibaba and Tencent (00700 HK), and the downward pressure of profit margin, wedowngrade the Company’s investment rating to “Neutral”. Due to the revisions of revenue and profit marginforecasts, we revise down FY15-17 earnings per ADS by 0.5%/ 5.4%/ 6.0%, respectively. The new TP represents37.1x FY15 PER, 32.3x FY16 PER and 29.8x FY17 PER.
respectively,17,ppt,Neutral,Q15resultsbeatexpectations
