Ge Long Hui·2025-09-19 05:39Core Viewpoint - Goldman Sachs reaffirms a "Buy" rating for Baidu, considering the rapid growth of non-search business and accelerated value release from AI [1] Summary by Categories Revenue Projections - Goldman Sachs expects Baidu's non-search business revenue to account for approximately 54% of core revenue by 2027, with cloud business contributing 36% [1] Competitive Advantage - The firm highlights Baidu Cloud's full-stack capabilities from chips to platforms and AI applications as a core competitive advantage [1] Positive Outlook on Apollo Robotaxi - The outlook on Apollo Robotaxi has become more positive, indicating confidence in its future performance [1] Target Price Adjustment - The target price for Baidu has been raised from 88 HKD to 150 HKD, reflecting an attractive risk-reward profile [1]