Xin Lang Cai Jing·2025-12-29 02:15Group 1 - The core viewpoint of the report is that Baidu Group's rating has been upgraded to "Buy" by Shenwan Hongyuan, with projected revenues of 128.5 billion, 133.1 billion, and 141.0 billion RMB for 2025-2027, respectively, and a target valuation of 430.2 billion RMB, corresponding to a target price of 172.54 HKD per share [2][8] - The AI cloud revenue in China is accelerating, with major internet companies like Alibaba and Tencent increasing their AI capital expenditures, which are expected to exceed 10% of their revenues in the first three quarters of 2025, approaching the levels of overseas cloud companies in 2023 [2][8] - Baidu is advancing its AI full-stack construction, with significant growth in its intelligent cloud business, reporting AI cloud revenue of 6.2 billion RMB in Q3 2025, a year-on-year increase of 33%, and a total intelligent cloud revenue of 19.33 billion RMB for the first three quarters of 2025, up 31% year-on-year [3][8] Group 2 - Baidu's self-developed AI chip, Kunlun, is expected to enter a phase of mass production, with a product matrix established from cloud to data center, and several new chips planned for release between 2025 and 2030 [4][10] - The "LuoBo Kuaipao" (萝卜快跑) project has seen a significant increase in order volume, with over 310,000 orders in Q3 2025, a year-on-year increase of over 200%, and has achieved positive profitability per vehicle due to enhanced economies of scale and reduced costs [5][6][10] - The domestic Robotaxi market is viewed favorably due to advantages in cost and infrastructure compared to overseas markets, with Baidu's strategic positioning in the next-generation "mobile living space" being highlighted [6][10]