Ge Long Hui·2025-11-14 21:05Company Dynamics - Company participated in the Baidu World Conference on November 13, 2025, where management shared its AI strategy, indicating a new logic in AI development with promising applications [1] - The launch of the new interactive real-time digital human and the upgrade of the no-code development tool "秒哒" to version 2.0 demonstrate the company's commitment to enhancing AI applications [1] - The unified multimodal model "文心5.0" shows outstanding performance in key areas such as multimodal understanding, reflecting the effective integration of AI applications with business [1] Autonomous Driving - Baidu's "萝卜快跑" continues to lead in the autonomous driving sector, with operations in 22 cities globally, including major markets like Beijing, Shanghai, and Dubai [2] - The total autonomous driving mileage has exceeded 240 million kilometers, with fully unmanned driving mileage surpassing 140 million kilometers, indicating significant operational scale [2] - The service has achieved over 1.7 million cumulative rides, with weekly fully unmanned orders exceeding 250,000 [2] Computing Power - The company announced the new generation of Kunlun chips and the "天池" super node products, reinforcing its computing power barriers [2] - The M100 chip, designed for large-scale inference scenarios, is expected to launch in 2026, while the M300 chip for ultra-large multimodal model training and inference is set for 2027 [2] - The "天池256" and "天池512" super nodes are planned for official launch next year [2] Profit Forecast and Valuation - The company maintains its profit expectations and industry-leading rating, with target prices of $189 for US stocks and HK$183 for Hong Kong stocks [2] - The valuation is based on a sum-of-the-parts (SOTP) method, corresponding to 28x/23x non-GAAP P/E ratios for 2025/2026, indicating an upside potential of 47% and 45% for US and Hong Kong stocks, respectively [2]