Zhao Yin Guo Ji·2025-11-14 09:57Investment Rating - The report maintains a "Buy" rating for the company with a target price of $148.40, indicating a potential upside of 23.0% from the current price of $120.65 [2][3]. Core Insights - The report highlights the acceleration of AI applications through the launch of Baidu's Wenxin 5.0 model, which supports multimodal understanding and generation, and the introduction of new products and upgrades in various sectors [2][9]. - Baidu's Kunlun chips have been successfully deployed across multiple industries, with detailed updates on future product launches, including the M100 and M300 chips [2][9]. - The report emphasizes the growth of Baidu's autonomous driving service, "Luobo Kuaipao," which has expanded to 22 cities globally, achieving significant operational metrics [2][9]. Company Overview - Market capitalization stands at approximately $41.35 billion, with an average trading volume of $255.7 million [4]. - The stock has shown a 52-week high of $144.91 and a low of $76.86 [4]. Financial Performance - For FY23A, the company reported sales revenue of 134,598 million RMB, with a year-on-year growth of 8.8% [10]. - Adjusted net profit for FY23A was 28,747 million RMB, reflecting a significant increase of 39.0% compared to the previous year [10]. - The report projects a decline in sales revenue for FY24A to 133,125 million RMB, with an expected adjusted net profit of 27,002 million RMB [10]. Shareholder Structure - Handsome Reward Limited holds a 16.1% stake in the company, while BlackRock, Inc. owns 4.6% [5]. Stock Performance - Over the past month, the stock has returned 0.6%, while over the past three months, it has increased by 36.0% [6].