瑞银：看好百度-SW(09888)AI业务保持强劲增长 维持“买入”评级

Core Insights - UBS reported that Baidu-SW (09888) exceeded expectations in its fourth-quarter performance for the year ending last year, with a revenue of 11.3 billion RMB, representing a 48% year-over-year increase, and accounting for 43% of Baidu's core business revenue [1][1][1] Financial Performance - The fourth-quarter results were better than anticipated, showcasing the company's strategic direction and improved financial disclosures since the third quarter [1][1] - AI-driven revenue reached 11.3 billion RMB, marking a significant growth and contributing to the overall revenue of the company [1][1] Future Outlook - UBS maintains a target price of $180 for Baidu's US stock and HKD 175 for its H-shares, with a "Buy" rating [1][1] - The firm anticipates strong growth in Baidu's AI business through fiscal year 2026, driven by increased application rates, continuous product innovation, and expanded use cases [1][1] - Despite recent stock price fluctuations, UBS believes the valuation framework remains solid, supported by positive factors such as the upcoming IPO of Kunlun Chip and dividend announcements [1][1]