Ge Long Hui·2025-08-22 05:54Core Viewpoint - Baidu's Q2 performance exceeded expectations due to business transformation, with core business revenue reaching 26.3 billion yuan, surpassing market predictions by 1.6% [1] - The company's core non-GAAP operating profit exceeded forecasts by 12%, indicating strong operational efficiency [1] Group 1: Business Performance - Apollo Go and Baidu Cloud are identified as long-term drivers for revenue and profit growth [1] - The company is enhancing shareholder returns, which supports its valuation [1] Group 2: Valuation and Target Price - The target price has been slightly raised from $130.3 to $132, considering the impact of share buybacks [1] - Current valuation is deemed not high, with Robotaxi seen as a potential catalyst for stock price [1] - The recommendation remains "Buy" [1]