CICC issued a research report estimating that BIDU-SW (09888.HK) +0.500 (+0.549%) Short selling $76.37M; Ratio 28.807% 's 2Q24 revenue will drop slightly to RMB33.7 billion YoY. Of which, core revenue will fall slightly to RMB26.2 billion YoY.
CICC lowered its 2024/ 2025 revenue forecasts by 2% to RMB137 billion/ RMB144.1 billion, and maintained its non-GAAP net profit forecasts, with rating kept at Outperform, taking into account pressure on advertising revenues, according to the report.
Related NewsJefferies Lowers BIDU-SW (09888.HK) TP to $168, 2Q Core Rev. Predicted Flat YoY
Considering the reduction of its core advertising earnings forecast for 2024, CICC trimmed its target prices for BIDU-SW's US stock/ H-shares by 8.4% to US$138.8/ $134.5, respectively.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-17 12:25.)
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