Investors have found Baidu's story riveting.

　　投資者發(fā)現(xiàn)，百度的故事引人入勝。

　　And with good reason. It is the dominant search engine in the fastest-growing large economy in the world. Throw in an e-commerce sector that grew 73% to $68 billion in 2010, according to Morgan Stanley, and the opportunity looms large.

　　這么說(shuō)有充分的理由。百度是中國(guó)這個(gè)全球增長(zhǎng)最快的大型經(jīng)濟(jì)體中占主導(dǎo)地位的搜索引擎。該公司投身于電子商務(wù)領(lǐng)域，據(jù)摩根士丹利說(shuō)，中國(guó)電子商務(wù)市場(chǎng)在2010年達(dá)到680億美元的規(guī)模，增幅為73%，百度的市場(chǎng)機(jī)會(huì)正逐漸顯現(xiàn)。

　　For its part, Baidu has done little to disappoint. Revenue grew 78% year-on-year in 2010. The outlook for results in the first quarter of 2011, due to be reported next week, is similarly solid. Management guidance is for year-on-year revenue growth of 84% to 89%.

　　百度自己的業(yè)績(jī)也很不錯(cuò)。公司2010年的收入較上年增長(zhǎng)78%。將于下周公布的2011年第一季度業(yè)績(jī)看來(lái)也會(huì)同樣不錯(cuò)。公司管理層給出的業(yè)績(jī)預(yù)期是，百度這一季度的收入將較上年同期增長(zhǎng)84%至89%。

　　Baidu also stacks up well against others in China's e-commerce sector. Proven technology, a 75% share of the mainland's search market and several years of real and growing profits look impressive. That is especially the case when it is compared to pricier plays like video-sharing platform Youku, which operates in a more competitive space and has yet to move into the black. True, negative chatter about copyright violations continues but has done little to dent business growth or investor appetite.

　　Bloomberg News百度公司2010年的收入較上年增長(zhǎng)78%，將于下周公布的2011年第一季度業(yè)績(jī)看來(lái)也會(huì)同樣不錯(cuò)。上圖為去年9月在北京舉辦的百度技術(shù)創(chuàng)新大會(huì)。與中國(guó)電子商務(wù)市場(chǎng)上的同行相比，百度同樣毫不遜色。成熟的技術(shù)，內(nèi)地搜索市場(chǎng)75%的份額，多年真實(shí)且還在不斷上升的利潤(rùn)令人印象深刻。與股價(jià)更貴的對(duì)手比如視頻共享平臺(tái)優(yōu)酷相比，上述優(yōu)勢(shì)就更加明顯了。優(yōu)酷所處領(lǐng)域的競(jìng)爭(zhēng)更加激烈，它還沒(méi)有實(shí)現(xiàn)盈利。的確，有關(guān)百度侵犯版權(quán)的負(fù)面言論持續(xù)不斷，但這并沒(méi)有削弱公司的業(yè)務(wù)增長(zhǎng)或投資者的胃口。

　　The catch is that with the China e-commerce story now well-known, Baidu will have to find new ways to impress investors. Some are in the works already, but as Google investors know, adding to search supremacy is no easy task.

　　美中不足的是，中國(guó)電子商務(wù)的故事已經(jīng)眾所周知，百度將不得不尋找新的途徑來(lái)打動(dòng)投資者。其中一些已經(jīng)在計(jì)劃中，但就像谷歌的投資者都知道的，想要增加搜索引擎的優(yōu)勢(shì)并不容易。

　　Qiyi, Baidu's new online video platform, already has generated significant traffic, but has yet to show a profit. Baidu also is testing a Web browser that will contest the space occupied by Microsoft and Google, although given the competition, success is far from assured.

　　百度旗下新的網(wǎng)絡(luò)視頻播放平臺(tái)奇藝已經(jīng)產(chǎn)生了巨大的流量，但至今還沒(méi)有盈利。百度也正在測(cè)試一個(gè)網(wǎng)絡(luò)瀏覽器，將和微軟與谷歌爭(zhēng)奪市場(chǎng)份額。只是由于競(jìng)爭(zhēng)激烈，成功還遠(yuǎn)遠(yuǎn)沒(méi)有保證。

　　Plus, Baidu's stock isn't cheap. The shares are up more than 50% this year. A price/earnings ratio of 60 may be justified by expected earnings growth, but suggests limited upside. Earnings growth in 2010, meanwhile, was flattered by the departure of Google from the Chinese market -- gifting Baidu an extra chunk of market share. The company also benefited from comparisons to a relatively weak 2009.

　　另外，百度的股價(jià)并不便宜。今年以來(lái)該公司股價(jià)累計(jì)上漲超過(guò)50%。由于預(yù)計(jì)利潤(rùn)還將增加，當(dāng)前60倍的市盈率還算合理，但也意味著上漲空間有限。與此同時(shí)，2010的利潤(rùn)由于谷歌撤出中國(guó)市場(chǎng)而顯得較為好看。谷歌的撤出也令百度擴(kuò)大了市場(chǎng)份額。由于2009年的業(yè)績(jī)相對(duì)較弱，在做比較時(shí)百度也占了便宜。

　　Macroeconomic headwinds also may loom, even if Baidu's advertising-driven model is defensive relative to some other China Internet stocks. Slower economic growth and higher inflation would also strip some of the glamour from China's Internet story. So while Baidu continues to wow, the bar is getting higher.

　　宏觀經(jīng)濟(jì)的不利因素也正在顯現(xiàn)，雖然相對(duì)其它中國(guó)互聯(lián)網(wǎng)股票來(lái)說(shuō)，百度依靠廣告驅(qū)動(dòng)的業(yè)務(wù)模式使其具有更大的抗跌性。經(jīng)濟(jì)增長(zhǎng)放緩和通脹率提高也降低了中國(guó)互聯(lián)網(wǎng)故事的魅力。因此，盡管百度還是令人稱(chēng)贊，但其發(fā)展面臨的障礙也越來(lái)越多。