智通财经网·2025-09-30 09:06Core Viewpoint - Baidu Group-SW (09888) is enhancing its business capabilities through self-developed AI models, achieving significant improvements in performance metrics compared to previous versions [1] Group 1: AI Model Performance - The new Wenxin X1.1 model shows a 34.8% improvement in factual accuracy, a 12.5% increase in instruction adherence, and a 9.6% enhancement in intelligent agent performance compared to the X1 version [1] - The overall benchmark testing results of Wenxin X1.1 are comparable to GPT-5 and Gemini 2.5 Pro [1] Group 2: Financial Projections - The target price for Baidu has been adjusted to HKD 176 based on the SOTP valuation method, maintaining a "Buy" rating [1] - Revenue forecasts for Baidu have been increased for 2025 to 2027, projected at RMB 130.7 billion, RMB 138.5 billion, and RMB 149.2 billion respectively [1] - Adjusted net profit forecasts for the same period are revised to RMB 17.6 billion, RMB 20.2 billion, and RMB 29.8 billion respectively [1] Group 3: Market Position and Expansion - Baidu secured the largest share in China's mobile AI procurement project, with an order amounting to RMB 1 billion, demonstrating the strength of Kunlun Chip's technology and market competitiveness [1] - The company is accelerating its overseas business expansion through the "Carrot Fast Run" initiative [1]