BIDU(BIDU) 交银国际证券·2025-03-19 08:50Investment Rating - The report maintains a "Buy" rating for Baidu (BIDU US) with a target price of 111.00, indicating a potential upside of 8.5% from the closing price of 102.27 [11]. Core Insights - Baidu's Wenxin large model 4.5 and X1 have been released, showcasing significant advancements in multi-modal capabilities and outperforming competitors like GPT 4.5 and DeepSeek-V3 in various benchmark tests [4][5]. - The daily API call volume for Wenxin large model is projected to reach 1.65 billion by December 2024, a 33-fold increase from 50 million in the same period last year [5]. - The report highlights that Baidu Cloud's revenue is expected to maintain a growth trend, with a year-on-year increase of 20% anticipated in 2025, driven by the updates and open-source strategy of the Wenxin models [5]. Summary by Sections Product Development - Wenxin 4.5 features native multi-modal capabilities, significantly enhancing language understanding, generation, logic, and memory, with improvements in handling mixed data types such as text, images, and audio [2]. - Key technological upgrades include FlashMask dynamic attention masks for better long-text processing, multi-modal heterogeneous expert expansion to balance gradient contributions, and large-scale data construction based on knowledge points to enhance model knowledge density [2]. Cost Advantage - The API call pricing for Wenxin 4.5 is notably low, with input costs at 0.004 CNY per 1,000 tokens and output costs at 0.016 CNY per 1,000 tokens, which is less than 1% of GPT 4.5's pricing [2][7]. Market Performance - Following the release of Wenxin 4.5 and X1, Baidu's stock price increased by 13% on March 18, indicating positive market reception and the emerging value of AI cloud services as a second growth curve for the company [5].