With the stock at such lofty valuations, any threat to Baidu's rapid growth has to be taken seriously.
在股票處于如此之高的估值的情況下，對百度迅速增長形成威脅的任何事情都必須加以認真對待。
Baidu shares have tripled from their December low and now trade at more than 50 times expected earnings. Bullish analysts say this is justified, as they expect Baidu's profit to grow more than 40% each year for the next three years.
目前百度股價較去年12月的低點漲了兩倍，預期市盈率有50多倍?？礉q百度股票的分析師說，這是合理的，因為他們預計在未來的3年中，百度的利潤將以每年逾40%的速度增長。
Certainly Baidu has been able to achieve that growth in the past, thanks to its commanding lead in a young Internet search market. China's Internet population continues to grow at a fast clip, but the battle for eyeballs is heating up.
當然，由于百度在一個年輕的互聯(lián)網(wǎng)搜索市場上的領軍地位，一直以來它都能實現(xiàn)這樣的增長。中國互聯(lián)網(wǎng)用戶仍在繼續(xù)快速增長，不過吸引公眾眼球的大戰(zhàn)正開始火爆起來。
Baidu's biggest threat is Google, which has increased its share of the Chinese search market from 2% in 2003 to 29% at the end of June, according to research firm Analysys.來源：www.examda.com
百度的威脅來自谷歌(Google)。據(jù)研究公司易觀國際(Analysys)的數(shù)據(jù)顯示，谷歌在中國搜索市場的占有率從2003年的2%上升到今年6月底的29%。
At the end of March, Google began offering free music downloads in China, encroaching on what has historically been a major traffic driver for Baidu. In the first month after the service was launched, there were 2.2 million searches for music on Google's Chinese site, according to estimates by iResearch.
3月底，谷歌開始在中國提供免費音樂下載，逐漸“侵占”這項歷來都是百度訪問量主要推動力的業(yè)務。據(jù)艾瑞咨詢(iResearch)的估計數(shù)字，這項服務推出后的第一個月，谷歌中國網(wǎng)站上音樂搜索達220萬條。
Google is also eyeing the mobile Internet market in China and has secured an exclusive partnership with the largest mobile carrier, China Mobile.
谷歌還開始瞄準中國的移動互聯(lián)網(wǎng)市場，并與中國的移動運營商中國移動確立了合作關系。
More competition is due from Alibaba Group's Taobao.com, an online retailer and auction site, like Amazon.com and eBay rolled into one.
預計百度還將面臨來自阿里巴巴集團(Alibaba Group)旗下淘寶網(wǎng)(Taobao.com)更大的競爭。淘寶網(wǎng)是一個在線零售商和拍賣網(wǎng)站，類似亞馬遜(Amazon.com)和eBay二合一的產(chǎn)物。http://ks.examda.com
The site, which analysts expect to account for as much as 2% of China's total retail sales this year, threatens to lure advertising dollars away from Baidu's search site.
分析師們預計，今年淘寶網(wǎng)的零售額將占中國總零售額的至多2%。該網(wǎng)站有可能會搶走百度搜索網(wǎng)站的部分廣告收入。
Baidu's advantage is its large user base. With 61% of the search market, it has ample data to tailor advertising and search results to Chinese users. But at present valuations, any slip will prove costly.
百度的優(yōu)勢是其龐大的用戶基礎。百度在中國搜索市場的占有率有61%，在這種情況下，它有充足的數(shù)據(jù)能夠提供針對中國用戶的廣告和搜索結果。不過以目前的估值，事實可能會證明，任何失誤都會帶來慘重損失。
在股票處于如此之高的估值的情況下，對百度迅速增長形成威脅的任何事情都必須加以認真對待。
Baidu shares have tripled from their December low and now trade at more than 50 times expected earnings. Bullish analysts say this is justified, as they expect Baidu's profit to grow more than 40% each year for the next three years.
目前百度股價較去年12月的低點漲了兩倍，預期市盈率有50多倍?？礉q百度股票的分析師說，這是合理的，因為他們預計在未來的3年中，百度的利潤將以每年逾40%的速度增長。
Certainly Baidu has been able to achieve that growth in the past, thanks to its commanding lead in a young Internet search market. China's Internet population continues to grow at a fast clip, but the battle for eyeballs is heating up.
當然，由于百度在一個年輕的互聯(lián)網(wǎng)搜索市場上的領軍地位，一直以來它都能實現(xiàn)這樣的增長。中國互聯(lián)網(wǎng)用戶仍在繼續(xù)快速增長，不過吸引公眾眼球的大戰(zhàn)正開始火爆起來。
Baidu's biggest threat is Google, which has increased its share of the Chinese search market from 2% in 2003 to 29% at the end of June, according to research firm Analysys.來源：www.examda.com
百度的威脅來自谷歌(Google)。據(jù)研究公司易觀國際(Analysys)的數(shù)據(jù)顯示，谷歌在中國搜索市場的占有率從2003年的2%上升到今年6月底的29%。
At the end of March, Google began offering free music downloads in China, encroaching on what has historically been a major traffic driver for Baidu. In the first month after the service was launched, there were 2.2 million searches for music on Google's Chinese site, according to estimates by iResearch.
3月底，谷歌開始在中國提供免費音樂下載，逐漸“侵占”這項歷來都是百度訪問量主要推動力的業(yè)務。據(jù)艾瑞咨詢(iResearch)的估計數(shù)字，這項服務推出后的第一個月，谷歌中國網(wǎng)站上音樂搜索達220萬條。
Google is also eyeing the mobile Internet market in China and has secured an exclusive partnership with the largest mobile carrier, China Mobile.
谷歌還開始瞄準中國的移動互聯(lián)網(wǎng)市場，并與中國的移動運營商中國移動確立了合作關系。
More competition is due from Alibaba Group's Taobao.com, an online retailer and auction site, like Amazon.com and eBay rolled into one.
預計百度還將面臨來自阿里巴巴集團(Alibaba Group)旗下淘寶網(wǎng)(Taobao.com)更大的競爭。淘寶網(wǎng)是一個在線零售商和拍賣網(wǎng)站，類似亞馬遜(Amazon.com)和eBay二合一的產(chǎn)物。http://ks.examda.com
The site, which analysts expect to account for as much as 2% of China's total retail sales this year, threatens to lure advertising dollars away from Baidu's search site.
分析師們預計，今年淘寶網(wǎng)的零售額將占中國總零售額的至多2%。該網(wǎng)站有可能會搶走百度搜索網(wǎng)站的部分廣告收入。
Baidu's advantage is its large user base. With 61% of the search market, it has ample data to tailor advertising and search results to Chinese users. But at present valuations, any slip will prove costly.
百度的優(yōu)勢是其龐大的用戶基礎。百度在中國搜索市場的占有率有61%，在這種情況下，它有充足的數(shù)據(jù)能夠提供針對中國用戶的廣告和搜索結果。不過以目前的估值，事實可能會證明，任何失誤都會帶來慘重損失。