原作者：
来源Everyone Loves China’s Baidu, Especially Robin Li
译者boundless
Everyone Loves China’s Baidu, Especially Robin Li
所有人都喜欢中国的百度，尤其是李彦宏
It helps to have friends in high places, and that has surely helped the Chinese government’s favorite search engine, Baidu. Not only did it help pressure Baidu’s biggest competitor, Google, out of the market last year, but the company has become a must-have stock for anyone interested in China’s consumer story, even if it is trading at more than 50x forward earnings.
能够有助于在上层人士中结交朋友，这点无疑帮到了最受中国政府青睐的搜索引擎，百度。这不仅仅帮助百度施压于其最大的竞争对手google，使之去年退出了中国市场，该公司也成为任何关注于中国消费行情的人所必备的一只股票，哪怕交易价格高达50倍的市盈率。
Baidu’s Chief Executive Officer Robin Li, aka China’s richest man according to Forbes, told analysts during a Hong Kong conference call that Baidu has had its share of growing pains lately, but has plenty of growth left in it.
百度的首席执行官李彦宏，也是福布斯榜上最富的中国人，通过一次香港电话会议告诉分析师们，百度近来已经经历了成长的阵痛，但是现在还包含着大量的成长机会。
“Search just became the most popular application for Chinese internet users, and there is still a lot of growth to expect for many years down the road,” Bloomberg reported Li as saying during the call.
“搜索引擎才刚刚成为最受中国网民喜爱的应用，而接下来的许多年里还有很多的成长预期。”彭博资讯报道了李彦宏在这次会议的讲话。
On Wednesday, Baidu reported a 123% increase in first-quarter net income to $164.5 million. Sales beat analysts’ estimates due to higher ad charges, helping first-quarter revenue rise 88.3% to $372 million.
本周三，百度公布一季度净利润增长了123%达到了一亿六千四百五十万美元。业绩不像分析师们预期的那样：由于更高广告收益而会达到一季度88.3%的增长，从而获得一亿七千二百万美元的收入。
“We still love Baidu,” says Peter Newell, Senior Portfolio Advisor for Vontobel Asset Management. They own Baidu in two of their international and emerging market growth funds. “With Google gone, the competition is next to nothing. They beat analysts estimates seven quarters in a row now. This is a long term growth story and this is why people are willing to pay top dollar for Baidu.”
瑞万通博资产经营部高级投资顾问彼得.纽厄尔说：“我们还是很喜欢百度。”他们的两只国际和新兴市场成长基金里持有了百度的股票。“跟着百度走，几乎没有任何风险。他们（指百度）现在一连打破了分析员的七个季度的预期。这是一只长期成长型股票，这也是人们之所以喜欢高价购买百度股票的原因。”
Right… Baidu is most definitely not a value play.
是的……百度是最不可能玩价格游戏的。
On April 15, Morgan Stanley analysts said that Baidu’s growth rate might not have much upside surprise left in it. Still, if the company is seeing Ebitda margins in the 20s and that shrinks to the high teens, it’s still a good company and maybe valuations will come down and Baidu will actually look worth buying.
4月15日，摩根士丹利投资公司分析称百度的成长率可能已经没有多少向上的成长预期了。但是，如果这家公司看看19世纪20年代的Ebitda利润率和之后的大幅缩水，百度仍不失为一家好公司，尽管估值可能下降但实际看着值得购买。
Then again, fund managers are buying it even at these prices.
之后，基金经理们还将继续在这样的价位上购买它。
“We just recently sold out of our Tencent holdings because we thought it got too expensive and had a good run, but we are still holding dear to Baidu,” says Deborah Medenica, portfolio manager at the Alger Emerging Markets fund (AAEMX). Tencent is China’s largest internet services portal.
“我们最近刚刚抛售了腾讯控股，因为我们认为它已经涨了好一阵而估值过高，但是我们还是看好百度而持有。”阿尔及尔新兴市场基金（AAEMX）的组合基金经理黛博拉.梅德尼卡说。腾讯是中国最大的互联网服务门户。
Everyone loves Baidu. Especially Baidu’s owner, the 42 year old Mr. Li, who has seen his wealth double from the Forbes estimated $3.5 billion in 2010 once Baidu’s stock tripled upon Google’s exit.
所有人都喜欢百度，特别是百度的老板，42岁的李彦宏。google退出之后百度的股票价格涨了三倍，而他的个人身价也比2010年福布斯估计的35亿美元翻了一番。
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