Zhi Tong Cai Jing·2025-09-30 01:57Group 1 - The core viewpoint of the report is that Cathay Pacific Securities has adjusted Baidu Group's revenue forecasts for 2025-2027 to 130.7 billion, 138.5 billion, and 149.2 billion RMB, respectively, while net profit estimates have been revised to 17.6 billion, 20.2 billion, and 29.8 billion RMB [1] - The target price for Baidu Group has been adjusted to 176 HKD, maintaining a "Buy" rating based on a sum-of-the-parts (SOTP) valuation method [1] Group 2 - Baidu's AI capabilities continue to improve, with the release of the Wenxin X1.1 model showing a 34.8% increase in factual accuracy, a 12.5% improvement in instruction adherence, and a 9.6% enhancement in intelligent agent performance, aligning its benchmark tests with GPT-5 and Gemini 2.5 Pro [2] - AI has empowered various Baidu businesses, with AI-generated content accounting for 64% of search business in July, driving growth in smart cloud services and enhancing advertising through digital human capabilities [2] Group 3 - Kunlun Core has achieved multiple technological breakthroughs and secured large orders since 2025, with its flagship Kunlun Core P800 chip being well-suited for MoE model architectures [3] - The P800 chip has been selected for the AI chip project of China Merchants Bank, and significant orders have been won in the AI procurement project of China Mobile, amounting to billions [3] Group 4 - The company "萝卜快跑" is accelerating its overseas expansion, having received the first autonomous driving test license in Dubai, with plans to deploy over 1,000 Robotaxis [4] - The company is also negotiating with governments in Southeast Asia and Australia to introduce Robotaxis, and has partnered with Uber and Lyft to support its overseas deployment [4] - Total orders for Robotaxis have surpassed 14 million, positioning it as a significant driver for non-advertising revenue growth for Baidu [4]