Over the past year, Baidu's share price rose nearly 70%, despite this, Air Jordan 5 Retro their value is still undervalued. Why say that? These analyzes tell you the answer[IT Times Editor's note] the past year, Baidu shares rose nearly 70 percent, the highest market capitalization of $ 80 billion mark breakthrough. However, Xie Pu still believe that Baidu's value is still undervalued. The reason is, for example, Baidu through investment and mergers and acquisitions, the layout has been completed; their investment in high-tech products, is not comparable to other Ali and Tencent; and added several of the world's leading scholars, but also to Baidu talent advantage to achieve a leading ʱ?? Not long ago, Baidu World Conference 2014 held in Beijing, Baidu launched the 'direct number.' At September 3rd day, Baidu's shares closed at $ 227 per share. A year ago on September 3, Baidu's shares $ 135. In the past year, Baidu's share price increased by nearly 70 percent, the highest market capitalization of $ 80 billion mark breakthrough. Nevertheless, we believe that the value of Baidu's still undervalued. The reason, we wish to continue in-depth analysis point of view. First, Baidu through investments and acquisitions, the layout has been completed. Last year, Baidu has invested where to network, acquired the PPS, and PPS with iQIYI were combined and invested $ 1.9 billion in this year's 91 major acquisition, wireless, created the Internet's largest merger. 91 assistants and 360 well-known domestic Andrews Software Assistant is the two most important distribution channels, the acquisition of 91 radio Baidu, Baidu's APP for the promotion of great significance, but also restricting the 360 expansion in the Nike Hyperdunk field of mobile Internet terminal. Unlike Ali, Tencent investment company engaged in mergers and acquisitions, Baidu pay more attention to research and development of its own technology and products, Baidu's more long-term arrangement. From the 'seven weapons' Nike SB and then in 2013 launched the Air Jordan 4 Retro light application mechanism in 2012 provided all details of Baidu is more focus on technology research and development company. The World Congress this year launched the 'Direct number' is some bright spots - Baidu Nike Air Force 1 direct number will strong technical capabilities, massive demand, large data equally accessible to Air Jordan 2 traditional services, to establish a more open and free, the impact is more widespread and deep ecology movement. In the era of convergence of traditional industries and the Internet, Baidu joint education, health care, real estate Nike Free and other traditional industries share platform resources, better links with people and services, further promote the rise in the market value of Baidu. We look at the search engine market, China's Internet search engine market share has stabilized, 360 want to re-subversion is almost impossible, in the Chinese search engine operator revenue market share in the revenue-containing channel, Baidu accounted for 77.2%, Google China It accounted for 10.7%, accounted for 8.2 percent of new Sogou, accounting for 3.9% other. In the mobile search market, Baidu with 79.3% of market share champion, a huge advantage. Google mobile search with 5.9% market share in the second, should search with 5.8% of market share for the third. Sogou search (1.8 percent) and SOSO Search (1.2%) of the combined market share of 3%, ranked fourth. 360 mobile search (1.6 percent) and Bing Search (1.0%) among the 5,6 position. Baidu search users brand retention rate of 89.6%, 360 and Google search is only 33.5% and 40.6%. From these data we can see that the growth rate of 360 in the search market has slowed, and even they do not compare Google and search dogs, while Baidu brand with nearly 90 percent rate and up to 70 percent more market share, remains a dominance in the field of mobile search, the other brands want a share of the search engine market is almost impossible. For Air Jordan Others mobile Internet, Baidu do really better than Ali and Tencent it? In fact, Baidu has 14 million level APP form a complete ecological Nike Heels Boots movement occupy major entrance; the acquisition of 91 radio, let Baidu in mobile application store that mobile Internet access more obvious advantages; and Baidu mobile search market penetration is also up 95.2%; in addition Baidu APP in 11 major types of layout well in the search for products, map navigation, video, and application stores 4 key areas are in industry leadership. 14 million level APP product matrix, plus the ability to pay mobile wallet, so Baidu successfully build ecological closed loop, connecting people to become the basis of ability and service support. In fact, Baidu Q2 mobile revenues accounted for up to 30 percent, also the highest proportion of mobile revenue in BAT. Mobile revenue accounted for 30 per cent, and this proportion will continue to ascend, also demonstrated the potential of Baidu in mobile terminals. In fact, as a technology-based company, Baidu's R \u0026 D spending is the highest proportion in BAT, Baidu investment for high-tech products is unmatched by the other two. This is mainly manifested in two aspects, one is the product R \u0026 D funding, and the Air Jordan 10 second is to attract technical talent. We first look at its R \u0026 D funding: 2014 Q2, Baidu technology R \u0026 D investment totaled 1.737 billion yuan, an increase of 84.5%, in 2013, Baidu R \u0026 D spending amounted to 4.107 billion yuan, compared with 2012 growth of 78.2 percent, accounting for the proportion of total annual revenue approaching 13%, in 2012 the proportion was 10 percent, according to data that the global Internet companies on average 7% of revenues into research and development, the domestic Internet companies this ratio is about 4%, while Baidu 12% of the revenue into research and development every year, investment funds are constantly growing. A large number of R \u0026 D investment, making Baidu in product development have received technical support, guarantee the stability of the service is also very good side. Behind the technology, product competition, it is the talent competition. As the core of the Internet company's innovative source of talent for the company to bring cutting-edge cutting-edge technology, to seize the opportunities have not been tapped into. This year, Baidu appointment of the most authoritative scholars in the field of Nike Hyperdunk artificial intelligence Andrew Ng, chief scientist of Baidu Baidu Institute has overall responsibility. Subsequently, the former Microsoft Asia-Pacific R \u0026 D Group founder Zhang Yaqin joined Baidu family. Join several of the world's leading scholars, so Baidu and Tencent Ali personnel ahead, we have reason to believe that Baidu introduction of R \u0026 D investment and talent to bring its entire enterprise is a huge appreciation of space. Finally, in fact, some of the obvious data support. In the first half of this year, Baidu's revenues 21.48 billion yuan, an increase of 58.78%, is still the fastest growing companies in BAT. 2014, Baidu revenue will exceed 50 billion yuan mark, and Baidu Union is expected Nike Shox to achieve 6.9 billion yuan of cake with small sites. In summary, there are Baidu's market value has Air Air Jordan 11 Jordan 3 Retro been seriously underestimated phenomenon. Of course, from the current stock price perspective, Baidu shares hovering around $ 220, but also to some extent limit the Baidu stock liquidity, market capitalization continued to rise if Baidu, Baidu may also consider increasing mobility. This also means that Baidu or stock splits. [IT Times] After the series, such as the authors point out, Baidu investment in technology research and development seem not effective immediately, but the capital market, why favor? Because they value most is its ability to build long-term strategy in what the future status of the industry. In addition, China's Internet has come to frequent the capital of all investment acquisition, on the one hand constantly test the high-margin business point, on the one hand, but also afraid to miss some future point high-margin business. That this is now China's mobile Internet business story. But unlike the United States is China's Internet giants iteration difficult to occur, although in favor of micro-innovation, may be disruptive innovation is difficult to appear. [Editor / Liu Nike Shoes Jiaqing] Xie Pu, Technology crab founder.