- Mizuho analyst James Lee recently hosted an investor call with Baidu, Inc BIDU management.
- Firstly, Lee noted that the reopening has been orderly, and advertising is recovering faster than Cloud.
- Secondly, for adverting, post reopening, he expects rational competition with GDP+ growth and stable margins at 40%+ OPM. The interoperability framework could enable share gains over time.
- Thirdly, for Cloud, Baidu is positioned as a market share gainer with significant opportunities from traditional industries. Its vertically integrated solution is a crucial differentiation.
- Fourthly, for ADAS, OEMs represent the enormous opportunity near-term, and Baidu has significant leadership in testing miles, unit cost, and connected infrastructure to build its ten billion+ RMB pipeline.
- Lee maintained a Buy on Baidu as a top China internet pick and a $285 price target.
- Price Action: BIDU shares traded lower by 2.21% at $147.98 on the last check Thursday.
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