Ge Long Hui·2026-01-03 21:48Core Viewpoint - Baidu has submitted a proposal for the spin-off of Kunlun Chip to the Hong Kong Stock Exchange, which is expected to enhance market recognition of its intrinsic value and lead to a revaluation of Baidu Group's business segments [1] Group 1: Spin-off of Kunlun Chip - Kunlun Chip is a leading domestic AI computing chip and related integrated hardware and software systems supplier, and the spin-off is anticipated to improve operational and financial transparency [1] - The spin-off aims to attract investors focused on general AI computing chips and related systems, as Kunlun Chip's business scale is now sufficient to seek a public listing [1] - Post-spin-off, Kunlun Chip will remain a subsidiary of Baidu, allowing for independent access to equity and debt capital markets [1] Group 2: AI Business Development - Baidu's diverse business lines are expected to create new growth opportunities in the AI era, with potential for value re-evaluation as business scales up and fundamentals improve [2] - The autonomous driving segment is set to launch driverless testing and ride-hailing services in London by 2026, marking a significant expansion into right-hand drive markets outside China [2] - Baidu's AI agent initiative has developed over 1.3 million agents and achieved daily call volumes exceeding ten million for its tools, showcasing strong engagement [2] - The super intelligent agent "Famu" has received applications from over 2,000 enterprises within a month of its release, indicating strong interest across various industries [2] Group 3: Profit Forecast and Valuation - The company has slightly adjusted its non-GAAP net profit forecasts for 2025, 2026, and 2027, with estimates of 19.3 billion, 21.7 billion, and 24.6 billion yuan respectively [2] - The target price for US stocks has been raised to $265.4, and for Hong Kong stocks to HK$255.2, reflecting an upward revision in valuations for Kunlun Chip and the autonomous driving segment [2]