Baidu — 护城河评估

$打开交互终端运行 `audit moat` 并使用自定义选项。→

MOAT ASSESSMENT

TICKER: [US.BIDU - Baidu]
PERIOD: [2010-ANNUAL ~ 2025-ANNUAL]


Parameter  Value
----------------
WACC         10%
Tax Rate   21.0%


[+] ROIC Quality: Median 40.4%
    ↳ Median > 15% = high returns
[~] ROIC Stability: CoV 100.0%
    ↳ CoV < 10% = highly stable
[~] Gross Margin Stability: 18.7%
    ↳ CoV < 10% = stable pricing power
[+] Economic Moat (ROIC-WACC): 30.4%
    ↳ > 5% = creating economic value


Metric  Gross Margin        ROIC
--------------------------------
Mean           55.2%       64.9%
Median         50.2%       40.4%
Max            73.1%      230.2%
Min            41.5%       10.6%
StdDev         10.3%       64.9%
CoV            18.7%      100.0%
Slope      -1.84%/yr  -13.21%/yr
R²               72%         54%


[DATA]


Period       Revenue  Gross Profit    GM%    ROIC  ROIC-WACC
------------------------------------------------------------
2010 ANNUAL    7.92B         5.77B  72.8%       -          -
2011 ANNUAL   14.50B        10.60B  73.1%       -          -
2012 ANNUAL   22.31B        15.86B  71.1%  230.2%     220.2%
2013 ANNUAL   31.94B        20.47B  64.1%   81.4%      71.4%
2014 ANNUAL   49.05B        30.17B  61.5%   59.9%      49.9%
2015 ANNUAL   66.38B        38.92B  58.6%   70.4%      60.4%
2016 ANNUAL   70.55B        35.27B  50.0%  152.0%     142.0%
2017 ANNUAL   84.81B        41.75B  49.2%       -          -
2018 ANNUAL  102.28B        50.53B  49.4%       -          -
2019 ANNUAL  107.41B        44.56B  41.5%   33.8%      23.8%
2020 ANNUAL  107.07B        51.92B  48.5%   47.0%      37.0%
2021 ANNUAL  124.49B        60.18B  48.3%   20.2%      10.2%
2022 ANNUAL  123.67B        59.74B  48.3%   21.4%      11.4%
2023 ANNUAL  134.60B        69.57B  51.7%   27.9%      17.9%
2024 ANNUAL  133.13B        67.02B  50.3%   24.5%      14.5%
2025 ANNUAL  129.08B        56.64B  43.9%   10.6%       0.6%

audit moat

MOAT ASSESSMENT

TICKER: [US.BIDU - Baidu]
PERIOD: [2010-ANNUAL ~ 2025-ANNUAL]

Parameter  Value
----------------
WACC         10%
Tax Rate   21.0%

[+] ROIC Quality: Median 40.4%
    ↳ Median > 15% = high returns
[~] ROIC Stability: CoV 100.0%
    ↳ CoV < 10% = highly stable
[~] Gross Margin Stability: 18.7%
    ↳ CoV < 10% = stable pricing power
[+] Economic Moat (ROIC-WACC): 30.4%
    ↳ > 5% = creating economic value

Metric  Gross Margin        ROIC
--------------------------------
Mean           55.2%       64.9%
Median         50.2%       40.4%
Max            73.1%      230.2%
Min            41.5%       10.6%
StdDev         10.3%       64.9%
CoV            18.7%      100.0%
Slope      -1.84%/yr  -13.21%/yr
R²               72%         54%

[DATA]

Period       Revenue  Gross Profit    GM%    ROIC  ROIC-WACC
------------------------------------------------------------
2010 ANNUAL    7.92B         5.77B  72.8%       -          -
2011 ANNUAL   14.50B        10.60B  73.1%       -          -
2012 ANNUAL   22.31B        15.86B  71.1%  230.2%     220.2%
2013 ANNUAL   31.94B        20.47B  64.1%   81.4%      71.4%
2014 ANNUAL   49.05B        30.17B  61.5%   59.9%      49.9%
2015 ANNUAL   66.38B        38.92B  58.6%   70.4%      60.4%
2016 ANNUAL   70.55B        35.27B  50.0%  152.0%     142.0%
2017 ANNUAL   84.81B        41.75B  49.2%       -          -
2018 ANNUAL  102.28B        50.53B  49.4%       -          -
2019 ANNUAL  107.41B        44.56B  41.5%   33.8%      23.8%
2020 ANNUAL  107.07B        51.92B  48.5%   47.0%      37.0%
2021 ANNUAL  124.49B        60.18B  48.3%   20.2%      10.2%
2022 ANNUAL  123.67B        59.74B  48.3%   21.4%      11.4%
2023 ANNUAL  134.60B        69.57B  51.7%   27.9%      17.9%
2024 ANNUAL  133.13B        67.02B  50.3%   24.5%      14.5%
2025 ANNUAL  129.08B        56.64B  43.9%   10.6%       0.6%