KAIYUAN SECURITIES·2025-11-13 11:15Investment Rating - Investment rating: Buy (maintained) [1] Core Views - Short-term advertising business is under pressure due to AI search transformation, leading to a slight downward adjustment of the company's non-GAAP net profit forecast for 2025-2027 to 18.1 billion, 20.3 billion, and 22.9 billion RMB respectively, with corresponding year-on-year growth rates of -33.1%, +12.1%, and +13.1% [2] - AI is transitioning from intelligent emergence to effective emergence, with the launch of two new Kunlun chip products expected to enhance valuation [3] - The smart cloud is expected to drive growth in the short term, while the autonomous driving business model is anticipated to be validated, accelerating overseas market expansion [4] Financial Summary and Valuation Metrics - Revenue (million RMB): 2023A: 134,598; 2024A: 133,125; 2025E: 124,875; 2026E: 132,534; 2027E: 139,638 [5] - Adjusted net profit (million RMB): 2023A: 28,747; 2024A: 27,002; 2025E: 18,072; 2026E: 20,266; 2027E: 22,925 [5] - EPS (diluted, RMB): 2025E: 6.3; 2026E: 7.0; 2027E: 8.0 [5] - P/E ratios: 2025E: 18.4; 2026E: 16.4; 2027E: 14.5 [5]