瑞银：看好百度-SWAI业务保持强劲增长 维持“买入”评级

Group 1 - UBS report indicates that Baidu-SW (09888) reported better-than-expected performance for Q4 and the full year ending last year [1] - In Q4, AI-driven revenue reached 11.3 billion RMB, a year-on-year increase of 48%, accounting for 43% of Baidu's core business total revenue [1] - UBS maintains a target price of $180 for Baidu (BIDU.US) in the US market and HKD 175 for its H-shares, with a "Buy" rating for both [1] Group 2 - Looking ahead to FY2026, UBS expects strong growth in Baidu's AI business due to increased application rates, continuous product innovation, and expanded use cases [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] - UBS slightly raised the core non-GAAP operating profit margin due to ongoing focus on operational efficiency [1]