Baidu Inc., the owner of China's most popular search engine, has "plenty of room" to expand, its CEO said Wednesday.

"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," Robin Li was quoted by Bloomberg as saying in a conference call with analysts.

Li's comments came after analysts at Morgan Stanley and Credit Suisse Group AG said Baidu's growth this year won't match the increase in 2010.

Besides expanding search engine business, Baidu is making a foray into services including social networking and e-commerce.

Baidu said Tuesday its profit more than doubled in the first quarter and forecast sales this quarter that beat analysts' estimates on surging advertising fees. 

The company's revenue jumped 78 percent in 2010 from a year earlier, while profits rose 137 percent year-on-year.