Zhi Tong Cai Jing·2026-01-21 02:08Group 1 - The core viewpoint of the report maintains Baidu Group's revenue and non-GAAP profit forecasts for 2025, 2026, and 2027, with an "outperform" rating and a target price of HKD 196, indicating a 33% upside potential compared to the current market valuation [1] - The expected non-GAAP net profit for Baidu in Q4 2025 is projected to be CNY 3 billion, with the core business also contributing CNY 3 billion [1] Group 2 - Baidu AI Cloud is expected to maintain a year-on-year growth rate exceeding 30% in Q4, driven by strong AI demand from enterprise clients and the company's differentiated self-developed infrastructure [2] Group 3 - The "萝卜快跑" (LuoBo Kuaipao) initiative has achieved significant milestones in its global expansion, launching commercial operations in Abu Dhabi and planning to deploy hundreds of vehicles for a large-scale fleet by January 2026 [3] - The company has received full autonomous testing permits in Dubai and is preparing to initiate autonomous driving tests in London in collaboration with Uber and Lyft, adapting to local traffic regulations [3] Group 4 - Multiple models from Baidu's Wenxin have ranked highly, with ERNIE-5.0-0110 and ERNIE-5.0-Preview-1203 achieving notable results in text and visual understanding categories, respectively [4] - The AI application landscape is rapidly evolving, with the "秒哒" (MiaoDa) no-code platform generating over 500,000 commercial applications and experiencing a daily growth rate of over 150%, while its overseas version MeDo topped the Product Hunt global product list [4] - The "慧播星" (HuiBoXing) digital human initiative is expanding into markets like Brazil, Thailand, and Vietnam, while the GenFlow intelligent agent's overseas version Oreate has gained millions of users [4]