Ge Long Hui·2025-07-17 19:10Group 1 - The core revenue of Baidu is expected to decline by 3.8% year-on-year in Q2, reaching 32.7 billion yuan, with core revenue at 25.7 billion yuan [1] - The advertising revenue is anticipated to see a larger decline of 16% year-on-year in Q2 due to increased competition and the impact of AI transformation [1] - The company is focusing on AI-generated content, which is expected to increase in proportion, but the commercialization progress is slower than anticipated [1] Group 2 - Baidu Cloud is projected to grow by 25% year-on-year in Q2, driven by strong demand for GPU cloud and large model API calls [2] - The strategic partnership between Luobo Kuaipao and Uber aims to integrate thousands of autonomous vehicles into Uber's global network, starting deployment in Asia and the Middle East [2] - The operating profit margin for Baidu's core business is expected to drop significantly, with a projected operating profit of 4 billion yuan and a margin of 15.5% [2] Group 3 - Revenue forecasts for 2025 and 2026 have been lowered by 1% and 2% respectively, with net profit estimates reduced by 16% and 8% [2] - The target prices for Baidu's stock remain at 99.1 USD for US shares and 96 HKD for Hong Kong shares, indicating potential upside based on SOTP valuation [2]