Zhi Tong Cai Jing·2025-11-11 08:44Core Viewpoint - Baidu Group is expected to achieve significant revenue growth from 2025 to 2027, with projected revenues of 1309.73 billion, 1356.68 billion, and 1443.07 billion yuan respectively, alongside non-HKFRS net profits of 166.00 billion, 198.64 billion, and 235.48 billion yuan, maintaining a "buy" rating [1] Online Marketing Business - The online marketing sector is transitioning from a CPC model to a CPS model, with early tests of AI search commercialization underway, aiming to enhance profitability despite short-term revenue pressures [2] - Revenue projections for online marketing are expected to reach 623.91 billion, 592.72 billion, and 598.64 billion yuan in 2025, 2026, and 2027 respectively [2] Intelligent Cloud Business - Baidu has achieved a leading market share in the AI public cloud sector, with a focus on creating a new generation of AI cloud infrastructure [3] - Revenue forecasts for the intelligent cloud business are anticipated to be 273.25 billion, 327.90 billion, and 386.92 billion yuan for 2025, 2026, and 2027 respectively [3] Intelligent Driving and Other Growth Plans - The Robotaxi service is positioned for rapid growth, with ongoing regional expansion and strategic partnerships to increase order volume [4] - Revenue expectations for intelligent driving and other business segments are projected at 138.32 billion, 159.07 billion, and 174.97 billion yuan for 2025, 2026, and 2027 respectively [4]